At mid-day Monday, shares of MobileIron Inc MOBL were trading more than 19 percent higher than their close at $2.69 Friday.
The company released preliminary Q3 results early Monday morning that exceeded both the Street's view and the company's prior guidance. MobileIron expects to achieve revenue of $41 to $42 million, with gross billings in the range of $46.5-$47.5 million.
This compares to previous guidance on revenue for sales of $39-$41 million, and to Street estimates of $40.1-$40.3 million. The billings expectation midpoint is about 7 percent higher than previously guided.
Imperial Capital analyst Michael Kim sees this as evidence of the company's continued turnaround progress. Kim calls breakeven cash flow a key milestone for the company, and highlights that management still believes MobileIron is on track to achieve this in Q4. Imperial has an Outperform rating and $4.50 price target for MobileIron stock.
By the middle of Monday's session, 2.4 million shares had traded hands, almost 9 times its three-month average volume.
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