Stock Alert: AudioCodes Stock Up 10% In Premarket On Upbeat Q1

(RTTNews) - Shares of AudioCodes Ltd. (AUDC) are rising over 10% in pre-market today, after the company reported better-than-expected Q1 results.

The company's Q1 net income was $5.3 million or $0.17 per share compared to $3.0 million or $0.10 per share last year. On a Non-GAAP basis, net income was $7.8 million or $0.25 per share versus $5.5 million or $0.18 per share in the prior year period.

Revenues for the first quarter of 2020 were $52.0 million compared to $46.6 million for the first quarter of 2019. Wall Street analysts estimate revenue of $50.85 million for the quarter.

The stock has been trading in the range of $9.00 - $28.73 for the past one year, and closed Friday's trade at $23.06, up 63 cents or 2.81%. AUDC is currently trading at $25.44, up $2.38 or 10.32% in the pre-market trading session.