Art Technology Group Inc. (ARTG) is seeing its stock rally in pre-market trading on Thursday, thanks to better-than-expected earnings released earlier in the morning.
The stock is trading at $2.25 at about 8:40 am Eastern Time, compared to Wednesday's close of $1.85. With the advance, the stock has jumped above resistance to reach its highest level since October.
The company posted fourth quarter net income of $3.5 million or $0.03 per share, compared to $782 thousand or $0.01 per share in the fourth quarter of 2007.
Non-GAAP net income, which excludes one-time items, climbed to $8.3 million or $0.06 per share from $4.1 million or $0.03 per share in the prior year quarter.
Revenue for the fourth quarter of 2008 grew 16% to $45.4 million from $39.3 million reported in the comparable quarter of the previous year.
On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share, on revenues of $40.81 million for the quarter. Analysts' estimates typically exclude special items.
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