AudioEye AEYE is set to unveil its second-quarter 2024 financial results on July 25.
Projections indicate a revenue forecast of $8.45 million, reflecting a noteworthy 7.82% surge from the corresponding period last year.
Anticipated earnings stand at 10 cents per share, down by 2 cents within the past month.
The company has surpassed earnings expectations in the last four quarters, boasting an average surprise of 100%.
Prior to the imminent disclosure, let’s delve into the developments leading to this stage.
A Visual Breakdown: AudioEye, Inc. Price and EPS Surprise
Audioeye, Inc. price-eps-surprise | Audioeye, Inc. Quote
Fundamental Factors
The company’s performance in Q2 is likely to have profited from heightened demand for online services and sustained business traction.
Expanding channels such as The Partner and Marketplace, alongside SMB-focused marketplace products, are expected to have influenced AEYE’s performance.
AudioEye recently acquired its System and Organization Controls (SOC) 2 Type 1 report during Q1 2024. This compliance achievement is poised to enhance its support for existing enterprise clients and bolster market penetration, potentially facilitating top-line growth.
The previous quarter saw a 4% uptick in AEYE’s revenues to $8.1 million, with a revenue projection of $8.4 – $8.5 million for the ongoing quarter.
Expansion within the partner ecosystem, forging ties with new partners, and reinforcing relationships with existing ones, have contributed significantly to AudioEye’s revenue uptrend.
Moreover, collaborations with prominent SaaS platforms serving various sectors like cities, municipalities, and K-12 institutions, are expected to have played a pivotal role in driving AEYE’s revenues.
Model Insights
Traditionally, a positive Earnings ESP coupled with a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) augurs well for an earnings outperformance. However, this stance doesn’t align with AudioEye’s current scenario.
Presently, AEYE exhibits an Earnings ESP of -26.32% accompanied by a Zacks Rank #3.
Promising Stock Prospects
Highlighted below are some potential stock picks that possess the desirable amalgamation of attributes to surpass earnings estimates this season.
Arista Networks ANET registers an Earnings ESP of +0.95% along with a current Zacks Rank #1.
ANET shares have surged by 45.3% this year, with the company slated to release its Q2 2024 results on July 30.
Apple showcases an Earnings ESP of +3.23% and holds a Zacks Rank #2 at present.
Apple’s shares have appreciated by 16.3% year-to-date. The company is scheduled to announce its Q3 fiscal 2024 results on August 1.
Cognizant Technology Solutions CTSH features an Earnings ESP of +0.09% and maintains a Zacks Rank #2.
In contrast, CTSH shares have dipped by 0.5% year-to-date, with the company gearing up to unveil its Q2 2024 results on July 31.