- Audiovisual tech provider Ambertech’s (AMO) share price has more than doubled after it posted stellar profit guidance for 2020’s second half
- The company revealed it expects to rake in up to $38 million in revenue during the six months to December 31, 2020
- In comparison, Ambertech made only $26 million in revenue during the same period of 2019
- The tech stock is also expecting to post positive earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second half, as well as a profit before income tax of up to $2.8 million
- It’s a big turnaround for the business, which recorded a loss of $1.8 million in the previous year
- Shares in AMO have soared on the back of the guidance, currently trading up 117 per cent at 26 cents
Audiovisual tech provider Ambertech’s (AMO) share price has more than doubled after it posted stellar profit guidance for 2020’s second half.
The audio-visual tech provider has revealed it expects to rake in between $34 million to $38 million in revenue during the six months to December 31, 2020.
In comparison, Ambertech made only $26 million in revenue during the same half-year period of 2019
AMO also expects a positive earnings before interest, taxes, depreciation and amortisation (EBITDA) of between $3.6 million and $4 million for 2020’s second half, a big turnaround on last year’s $400,000 loss.
In addition to the revenue and EBITDA increase, the company believes it will post a profit before income tax of between $2.4 million and $2.8 million.
Comparatively, Ambertech ended the second half of 2019 with a $1.8 million loss.
The strong guidance figures have sent shareholders into a frenzy, with the company’s share price shooting up from an opening price of 12 cents to a high of 35 cents.
At market close today, Ambertech’s share price is hovering around the 26 cents mark — up 117 per cent.