Investing.com - Silver Spring Networks (NYSE:SSNI) shares were rallying on Wednesday, bucking the overall downward trend that is permeating the markets due to increased geopolitical tensions. The catalyst for the company’s increasing share value was its surprise second quarter profit.
Silver Spring earned 34 cents per diluted share in the recent quarter, whereas analysts had forecast a loss of 7 cents per share. While the company’s revenue increased by 114.5% year-over-year to $261.6 million, it was just above the analyst consensus forecast for $261.57 million
Silver Spring Networks has delivered more than 26.7 million cumulative network endpoints since inception through June 30, 2017, up 9% from a year ago. Other business highlights included being selected by Pepco Holdings, Inc. for a distribution automation deployment and being selected by Grant County Public Utility District for an AMI deployment.
Silver Spring shares were 17% on the home stretch to the closing bell.