Mitek Systems Earnings: Here’s Why Investors are Happy Now

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Mitek Systems, Inc. (NASDAQ:MITK) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.02%.
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Mitek Systems, Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased to $-0.06 in the quarter versus EPS of $-0.11 in the year-earlier quarter.

Revenue: Rose 168.91% to $3.2 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: reported adjusted EPS loss of $0.06 per share. By that measure, the company beat the mean analyst estimate of $-0.08. It beat the average revenue estimate of $2.37 million.

Quoting Management: “We had a strong quarter which can be attributed to the widespread adoption of our mobile imaging solutions, particularly Mobile Deposit and Mobile Photo Bill Pay. We believe Mobile Deposit has become an expected capability, and more banks than ever are utilizing the technology to retain customers and attract new business. Meanwhile, U.S. Bank was the first nation-wide bank to launch Mobile Photo Bill Pay” said James B. DeBello, president and CEO of Mitek. “We are confident in our momentum moving forward, and are excited to partner with a variety of institutions interested in Mitek’s technology.”

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