NEW YORK / ACCESSWIRE / November 14, 2018 / SVMK shares were breaking out in Wednesday’s session after reporting a narrower loss in the third quarter than expected. Shares of Sphere 3D Corp. were also soaring on news of completing divesture of Overland Storage.
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SVMK Inc. shares were up 13.11% yesterday on about 1.2 million shares traded with an additional 3.84% in gains seen in after-hours trading. The parent company of global survey software company SurveyMonkey saw its shares explode after the company reported a narrower-than-expected third-quarter loss. For the quarter, SVMK reported an adjusted net loss of 1 cent a share. Analysts had been expecting a loss of 5 cents a share. Revenue for the quarter increased 18% to $65.2 million, also better than analysts' $63 million expectations. SurveyMonkey CEO Zander Lurie said, "We are off to a great start as a public company resulting from our strong execution and focus." He added, "SurveyMonkey was built on the belief that empowering individuals across organizations to engage with their key constituents is paramount to success." Looking ahead in the quarter, the company has guided for revenue to grow between 14% and 17% year over year to be at in between $64.8 million and $66.8 million. Revenue for the year is expected to grow between 17% and 18% and be between $251.2 million and $253.2 million.
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Sphere 3D Corp. shares closed up 58.18% on Wednesday with around 14.3 million shares traded. The data management solutions company saw its shares rise after announcing that it has completed the divesture of Overland Storage. Per the company's press release, Sphere 3D Corp. has "closed the previously announced transactions contemplated by that certain Share Purchase Agreement dated February 20, 2018, as amended, by and among the Company, Overland Storage, Inc., a wholly owned subsidiary of the Company and Silicon Valley Technology Partners, Inc., a corporation established by Eric Kelly, the Company’s Chief Executive Officer, who currently serves as the chief executive officer and chairman of the board of directors of such corporation." Earlier this month the company reported financial results for the third quarter ended September 30, 2018. Net revenue hit $15.19 million compared to $21.7 million in the year ago quarter. Product revenue was $13.9 million compared to $19.6 million in the quarter a year ago.
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