Shares of Allot (NASDAQ:ALLT) have jumped a lot today, up as much as 14%, after the company reported fourth-quarter earnings. As of 11:10 a.m. EST, the stock was up 7%.
Revenue in the fourth quarter increased 28% to $39.1 million, slightly ahead of the consensus estimate of $38.9 million. That resulted in adjusted net income of approximately $400,000, or $0.01 per share. That bottom-line result was right on target compared to what Wall Street analysts were modeling for. The technology company, which provides network intelligence and security services, said maximum annual revenue (MAR) potential of concluded transactions reached $192 million for 2020.
"We are very happy with our achievements in 2020, showing strong continued revenue growth and solid performance throughout the year," CEO Erez Antebi said in a statement. "Threats on the internet are on the rise and growing numbers of consumers and operators see the need for Network based protection."
Guidance for 2021 was a little light, however. Revenue this year is forecast in the range of $145 million to $150 million, while the consensus estimate currently sits at $155 million in sales. Allot expects to close more recurring security deals with MAR of $180 million in 2021.
"We see 2021 as a transformation year for the market as our recurring security partners begin to launch their services and we will see the early ramp of revenues," Antebi said.