By Stuart Condie
SYDNEY–Altium shares hit a record high Tuesday after the Australian software provider’s fiscal 2024 revenue guidance exceeded market expectations.
The stock touched 46.85 Australian dollars in early trade after Altium said it expected fiscal 2024 revenue of between A$315 million (US$202 million) and A$325 million. That was about 7% above the average analyst forecast prior to Altium’s fiscal 2023 results announcement late Monday.
Shares were recently up 27% at A$46.71, still on course for their largest one-day gain in more than two years and a record close.
Altium’s announcement of a multi-year contract with global semiconductor manufacturer Renesas was another positive, according to Goldman Sachs analysts.
The agreement highlights Altium’s position as a key electronics-industry player and supports long-term expansion of its total addressable market, the Goldman Sachs analysts said in a note.
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