Sybase, Inc. (Nasdaq: SYBS) was up 22 percent Friday after reporting fourth quarter earnings of 32 cents a share, beating First Call's consensus estimate of 21 cents a share on the strength of software sales to websites for big businesses and the market for sending data over wireless networks.
Shares in the database software company were up 4 1/8 to 23. The stock has been on the rise since Sybase beat estimates in its previous quarter.
Sybase also said earnings for the year ended December 31, 1999 were 76 cents a share, topping analysts expectations of 62 cents a share.
Net income for the fourth quarter of 1999 was $26 million as compared to a net loss of $15 million for the same period in 1998. Revenues increased by 9.7 percent to $237 million in the fourth quarter from $216 million in the third quarter of 1999. Cash and investments at the year's end were $353 million, as compared to $250 million in 1998.
The company said the three areas driving its growth were the enterprise portal market, the wireless and mobile arena; and e-Business in vertical markets, including financial services, telecommunications and media, healthcare and government markets. Sybase has continued to focus on the enterprise portal market, which it has targeted since a strategy shift last August.
Sybase's recent acquisitions include that of Data Warehouse Networks, and Home Financial Network, with which it intends to form a new company targeted at the financial services community.