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Guidewire Guides Higher and Shares Respond Midday

Investing.com - Property and casualty insurance software company Guidewire jumped midday on strong earnings and guidance.

Guidewire (NYSE:GWRE) shares gained 9% following its results, issued after the bell Wednesday.

The company reported a profit of 34 cents per share and revenue of $169.3 million. That topped forecasts compiled by Investing.com for earnings of 19 cents per share and revenue of $159.75 million.

Looking ahead, Guidewire predicted a fiscal 2019 profit of $1.35 to $1.41 per share, up from previous guidance of $1.24 to $1.34 per share.

Full-year revenue is now seen at $725 million to $732 million, with the midpoint above the company’s earlier forecast and the range in line with S&P Capital IQ’s consensus estimate.

The iShares North American Tech-Software (NYSE:IGV) ETF was up about 0.2%, managing some gains amid the broader market selloff.

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