The technology firm posted a profit of 286.8 million South African rands, or ZAR9.28 per share, climbing from the ZAR243.6 million reported during the same period last year. Despite this year-over-year growth, the figure fell short of the ZAR9.55 per share anticipated by analysts surveyed by FactSet.
In section Market Quotes
Karooooo Shares Slide Despite Revenue Gains in Second Quarter
Investors pushed Karooooo Limited shares down 8.5% to $56.82 in after-hours trading Monday, reacting to a second-quarter earnings report that failed to meet Wall Street projections. The decline arrived abruptly, reversing the stock's 2.9% gain during the regular session and stalling a year-to-date rally that had reached 36%.
Revenue performance told a different story, reaching ZAR1.64 billion and exceeding the expected ZAR1.6 billion. Growth was driven by the company’s logistics arm, which saw a 36% revenue bump to ZAR189 million, while the Cartrack subsidiary reported a 19% increase in annualized recurring revenue to ZAR5.71 billion.
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