NetSol Technologies Inc. beat Wall Street expectation on earnings and revenue in the fiscal fourth quarter.
The Calabasas software developer for the vehicle and equipment leasing markets reported on Monday net income of $3.5 million (30 cents a share) for the quarter ending June 30, compared to net income of $1.2 million (10 cents) in the same period a year earlier. Revenue increased 4 percent to $17.3 million.
One analyst expected earnings of 19 cents on revenue of $16.4 million, according to Thomson Financial Network.
Chief Executive Najeeb Ghauri said the company is taking a three-pronged approach with its growth strategy – focusing on the core business and flagship product with planned expansion in the U.S. and European markets; devoting resources to strategic partnerships outside its core operations; and pursuing synergistic growth opportunities where it makes sense to aid existing operations.
“We believe this new, diversified strategy will allow us to enhance our existing business while also future-proofing NetSol in the rapidly changing auto leasing and asset financing landscape,” Ghauri said in a statement.
The quarterly earnings were released before the market opened. Shares of NetSol (NTWK) closed Monday up 11 cents, or 1.9 percent, to $5.80 on the Nasdaq.