Halo Infinite review Shang-Chi 2 Omicron FAQ YouTube Music 2021 Recap Earth black box Harry Potter's 20th anniversary trailer

Resonate beats Street in first public quarter

Resonate easily topped analysts' estimates in its third quarter Thursday, posting a loss of $6.1 million, or 26 cents a share, on sales of $6.1 million.

First Call Corp. consensus expected the Internet software developer to lose 30 cents a share in the quarter.

Ahead of the earnings report, Resonate (Nasdaq: RSNT) shares closed up $4.25 to $45.75.

The $6.1 million in sales marks a 112 percent improvement from the year-ago quarter when it lost $3.1 million, or 19 cents a share, on sales of $2.9 million.

This was the Sunnyvale, Calif.-based firm's first earnings report since its strong initial public offering in August.

"We are extremely pleased with the progress we have made in our first quarter as a public company,'' said CEO Ken Schroeder in a prepared release. "We continued to build our market presence, and now have a base of over 400 customers worldwide."

On Tuesday, W.R. Hambrecht started the stock with a "buy" recommendation.

The stock moved up to an all-time high of $50.63 in its debut before falling to a low of $28.63 in September.

All five analysts following the stock rate it either a "buy" or "strong buy."

Analysts expect it to lose $1.43 a share in the fiscal year.