Shares of United Online Inc. jumped more than 29 percent on Thursday after the Internet services company beat analyst estimates for fourth quarter revenue. Net income did fall short of expectations.
After the markets closed on Wednesday Woodland Hills Internet service provider and social media website operator reported net income of $4.3 million (32 cents a share), compared with $1.6 million (12 cents) in the same period a year earlier. Revenue fell 5 percent to $62.6 million.
Analysts estimated earnings of 47 cents on revenue of $59.2 million, according to Thomson Financial Network.
In November, United Online spun off its FTD floral and gifts business into a separate publicly traded company. With that completed, United Online can concentrate on strategies to return it to growth, said President and Chief Executive Francis Lobo.
“Priorities in 2014 include optimizing our existing businesses, expanding new product development efforts to drive new revenue growth, and pursuing new strategic alliances and other opportunities to expand our scope and reach,” Lobo said in a prepared statement.
Shares on Thursday closed up $3.75, or 29.5 percent, to $14.28 on the Nasdaq.