Shares of eGain, a Sunnyvale Calif.-based company specializing in automated customer engagement services through artificial intelligence, experienced a notable rise in post-market trading on Thursday. The company’s revenue and earnings results for the quarter-ended June 30 surpassed expectations, leading to a 10% increase in the stock price, reaching $6.93. Additionally, during the regular trading session, shares gained 3.6%. It is worth noting that eGain’s shares had experienced a decline of around 30% earlier this year.
For the quarter-ended June 30, eGain reported a profit of $2.6 million, or 8 cents per share. In comparison, during the same period last year, the company had a loss of $1.6 million, or 5 cents per share. On an adjusted basis, eGain’s earnings per share stood at 11 cents, surpassing the previously predicted 7 cents announced in May.
Furthermore, the company’s revenue also demonstrated growth, rising by 5% to $24.6 million. This figure exceeded the company’s forecasted revenue, which was expected to reach up to $24 million.
Ashu Roy, the Chief Executive of eGain, expressed his optimism about the future, stating that AI has played a significant role in reinvigorating interest in knowledge management platforms. Roy believes that this renewed interest will fuel demand for their products throughout fiscal year 2024.
