What happened
The American depositary shares of Hong Kong-based online marketing platform operator iClick Interactive Asia Group (ICLK 2.94%) went on a nice upward ride Wednesday. They coasted to a more than 7% gain thanks to an encouraging set of quarterly results published by the company.
So what
iClick Interactive's so-far unaudited second-quarter figures indicate it earned just over $78 million in revenue, a hearty 34% gain over the same period a year ago. The company also improved on the bottom line, albeit not as spectacularly, with a 4% year-over-year improvement in adjusted net income to just under $2.6 million ($0.03 per share).
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Both headline figures topped analyst expectations. On average, prognosticators tracking the stock believed the company would book slightly more than $74.7 million on the top line, and post a per-share adjusted net profit of $0.02.
Of iClick Interactive's two business lines, enterprise solutions enjoyed the most significant growth by far, with a 160% gain in revenue to $13.4 million. Still, marketing solutions was not a slouch, increasing its take by 22% to $64.6 million.
The encouraging quarter has inspired iClick Interactive to boost its share repurchase program. The company said it is increasing the total amount authorized for buybacks to $25 million, nearly doubling the previous level of $15 million. The initiative's current end date remains Dec. 31 of this year.
Now what
iClick Interactive also proffered revenue guidance for both its current quarter and the entirety of 2021. For the latter, it believes it will take in $318 million to $338 million; the 2020 figure was almost $255 million.
