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What: Shares of Silver Spring Networks (NYSE:SSNI) have sprung higher today, up by as much as 23% after the company reported second-quarter earnings.

So what: Non-GAAP revenue totaled $86.5 million, which translated into an adjusted net loss of $0.10 per share. Both top and bottom line results were better than the $79.6 million in sales and $0.17 per share loss that investors were expecting.

Now what: CEO Scott Lang said the company continues to execute on its roadmap, and numerous utilities are expanding their relationships with Silver Spring. On a GAAP basis, the company posted $9.5 million in net income, a substantial improvement from the $23.4 million net loss a year ago. Stifel Nicolaus has reiterated its buy rating while boosting its price target from $22 to $32.

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