Shares of Everbridge (EVBG 0.36%) popped today, up by 21% as of 11:30 a.m. EST, after the company reported fourth-quarter earnings. The results topped expectations, but guidance left a little to be desired.
Revenue in the fourth quarter came in at $75.6 million, ahead of the $72.5 million in sales Wall Street was looking for. That resulted in adjusted net income of $1 million, or $0.03 per share, topping the consensus estimate of $0.02 per share in adjusted profits. The technology company, which provides software to manage critical events, said free cash flow hit a record $15.9 million and it finished the quarter with 5,613 enterprise customers.
"We posted strong financial performance during 2020 despite challenges caused by the COVID-19 pandemic, increasing our top-line guidance every quarter and delivering 35% revenue growth for the full year," CEO David Meredith said in a statement. "We innovated to quickly develop new CEM [critical event management] solutions, such as our COVID-19 Shield: Vaccine Distribution, to help our customers identify, manage, and respond to new threats against their people, assets and processes."
Everbridge's outlook was somewhat mixed, with revenue in the first quarter forecast at $75.3 million to $75.7 million, which is better than the $74.8 million in sales that analysts are modeling for. That should result in an adjusted net loss per share of $0.10 to $0.12, which is worse than the $0.06 per share in adjusted losses that the market is expecting. Revenue for 2021 is expected to be in the range of $342.1 million to $344.1 million.