Cerence: Fiscal Q1 Earnings Snapshot

BURLINGTON, Mass. (AP) — BURLINGTON, Mass. (AP) — Cerence Inc. (CRNC) on Wednesday reported a fiscal first-quarter loss of $2.2 million, after reporting a profit in the same period a year earlier.

The Burlington, Massachusetts-based company said it had a loss of 5 cents per share. Earnings, adjusted for stock option expense and restructuring costs, were 36 cents per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The automotive artificial intelligence developer posted revenue of $83.7 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $77 million.

For the current quarter ending in March, Cerence expects its results to range from a loss of 18 cents per share to a loss of 11 cents per share.

The company said it expects revenue in the range of $64 million to $68 million for the fiscal second quarter.

Cerence expects full-year results to range from a loss of 7 cents per share to earnings of 6 cents per share, with revenue ranging from $275 million to $290 million.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CRNC at https://www.zacks.com/ap/CRNC

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