Shares of internet and information services company J2 Global (NASDAQ:JCOM) jumped on Tuesday, rising as much as 26.5%. As of 11:40 a.m. EDT, however, the stock was up about 16.5%.
The stock's gain follows the company's stronger-than-expected second-quarter results.
Revenue during J2 Global's second quarter was $331 million, up 2.7% from the year-ago period. Analysts, on average, were expecting revenue of $316 million. Adjusted earnings per share of $1.71 for the period was also ahead of a consensus forecast for $1.45.
"J2's outstanding results in an exceptionally challenging environment demonstrate the strength and quality of our business and the dedication of our employees," J2 Global CEO Vivek Shah said in a statement. "Our adaptability and focus led to record-breaking revenues, Adjusted EBITDA, and free cash flow for the quarter."
For the full year of 2020, management forecast revenue between $1.38 billion and $1.4 billion. While this was in line with what analysts were expecting, the company's outlook for 2020 adjusted earnings per share between $7.17 and $7.41 was well above a consensus analyst estimate for $6.87.