Shares of Cerence (CRNC) rallied 8.6% on Monday and closed at $114.55 after it reported better-than-expected Q3 results on solid top-line growth. The company provides conversational AI to auto manufacturers and mobility original equipment manufacturers (OEMs). Adjusted earnings of $0.62 per share grew 93.8% year-over-year and surpassed analysts’ expectations of $0.54 per share. The company reported adjusted earnings of $0.32 per share in the year-ago period. Revenues jumped 29% year-over-year to $96.8 million and beat the Street's estimates of $96.3 million. The company’s license revenues, which accounted for 51.6% of the total revenues, rose 54% year-over-year to over $50 million.
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Cerence (NASDAQ:CRNC)
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