Nov. 7 (Bloomberg) -- LivePerson Inc., a software maker with operations in Israel, posted the biggest advance in five years in New York after additional customers helped the company post a lower third-quarter loss than analysts estimated.
Shares of LivePerson, whose software allows businesses to track customers on their websites, jumped 23 percent, or the most since October 2008, to $11.17 in New York amid trading volume that was six times the average of the past 90 days. New York-based LivePerson had the biggest gain in the Standard & Poor’s SmallCap 600 Index. The Tel Aviv shares climbed 17 percent to 38.51 shekels, or $10.89.
LivePerson reported a third-quarter loss of 1 cent a share, compared with the 3-cent average estimate of nine analysts tracked by Bloomberg. While the loss of a major customer earlier led the company to cut its 2013 sales forecast and prompted a 36 percent tumble in New York on May 9, LivePerson signed 163 deals in the third quarter and added 55 new customers, according to a statement yesterday.
“They’ve gone through a transition,” Mark Schappel, an analyst at Benchmark Co., said by phone from New York. “They are moving from a single product line company to more of a broader solution. There is a lot of room left in the stock if this turnaround is for real.”
LivePerson trades at 55 times estimated earnings, almost triple the average multiple for companies on the Nasdaq Composite Index.
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