BroadSoft Jumps After Boosting Annual Forecast: Washington Mover
BroadSoft Inc. (BSFT), a maker of telecommunications software, advanced the most in 17 months after raising its full-year profit forecast and announcing a deal for Adaption Technologies Ventures Ltd.
The shares jumped 34 percent to $37.45 at the close in New York, for the biggest gain since March 8, 2011. BroadSoft, down 7.6 percent this year through yesterday, was the top performer in the Russell 2000 Index.
Full-year profit will be $1.30 to $1.40 a share including a 4 cent reduction from the acquisition of Adaption Technologies, according to a statement yesterday. BroadSoft, based in Gaithersburg, Maryland, had previously anticipated $1.22 to $1.32 a share. Analysts projected $1.24, the average of 11 estimates compiled by Bloomberg.
Adaption Technologies supports companies’ communication and financial transactions over the Internet using cloud computing. Terms of the deal weren’t disclosed.
Revenue for 2012 will be $162 million to $167 million, including about $1.3 million in contribution from the Adaption acquisition, BroadSoft said. That compares to $158 million to $162 million projected in May.
Second-quarter profit excluding some items totaled 33 cents a share, beating the 21-cent average of analysts’ estimates compiled by Bloomberg. Revenue increased 26 percent to $40.5 million from $32.2 million a year earlier, BroadSoft said. Analysts had predicted $37.3 million.
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