Shares Pareteum (OTC:TEUM) surged on Wednesday. The stock rose as much as 31.7%. As of 2:36 p.m. EDT, shares were up 23.9%.
The stock's gain was driven by the cloud communications platform company's strong fourth-quarter results, which were announced after market close on Tuesday.
Pareteum's fourth-quarter revenue soared 256% year over year to $14.3 million. Revenue was helped by the company's acquisition of Artilium -- a mobile virtual network and Internet of Things enabler -- in late September.
Pareteum's non-GAAP earnings per share for the period were $0.02, even with its non-GAAP earnings per share in the year-ago quarter.
Analysts, on average, were expecting revenue of around $13 million and non-GAAP EPS of $0.01.
Management is optimistic about 2019, with the company's principal executive officer, Hal Turner, noting:
Looking ahead to 2019, we are very excited about the tremendous opportunities for Pareteum given the strong industry dynamics; our visibility into future revenue from our 36 Month Contractual Revenue Backlog; and, the augmented talent, product, services, network expansion and productivity improvements implicit from our strategic acquisitions.
Management guided for full-year 2019 revenue to be between $105 and $116 million, representing 225% to 260% year-over-year growth.