Shares of Triterras (NASDAQ:TRIT) jumped on Tuesday. The stock rose as much as 16.1%. As of 10:55 a.m. EST, however, the stock was up about 15%.
The fintech stock's gain is likely due to the Triterras' release of better-than-expected preliminary revenue for its fiscal third quarter.
Triterras said it estimates its fiscal third-quarter revenue is "approaching $17 million," with its net income "approaching $10 million." This would put year-to-date revenue and net income close to $40.7 million and $24.2 million, respectively, management noted.
Possibly explaining investors' optimistic response to this news, the one analyst covering the stock had forecast revenue of $16.3 million for the period.
Management said in its press release on Tuesday that the company is entering fiscal 2021 in a strong position. Triterras CEO Srinivas Koneru said the company's "growth initiatives continue to diversify trading partners and increase volumes on the Kratos platform."