Shares of Kornit Digital Ltd. (NASDAQ:KRNT) surged nearly 11% in pre-market trading on Monday after the Israeli digital printing company reported better-than-expected earnings for the third quarter of 2024.
Kornit posted adjusted earnings per share of $0.11 for the September quarter, beating Wall Street's consensus estimate of $0.07 by a wide margin. The company's revenue of $50.732 million also edged past analysts' expectations of $50.468 million, despite marking a 14.34% decline compared to the same period last year.
The robust earnings figures appear to have outweighed concerns over Kornit's year-over-year revenue contraction. Analysts suggest the upbeat profit numbers reflect the company's ongoing efforts to improve operational efficiency and margins amid challenging macroeconomic conditions.
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