Gaithersburg-based BroadSoft, Inc. (NASDAQ: BSFT) reported record financial results with increases in both revenue and net income.
The global Internet protocol-based provider said total revenue increased 60 percent to $35.7 million in the third quarter ended September 30, 2011. In the same period of 2010, revenue was just $22.3 million.
Net income totaled $7.3 million or $0.26 cents per diluted share, a year-over-year GAAP increase of 83 percent compared to only $1.2 million or $0.05 cents per basic and diluted share.
The results beat analyst estimates in revenue and net income. The average analyst estimate for revenue was $32.1 million with a high estimate of $33.01 million. The average analyst estimate for net income was $0.22 cents and a high estimate of $0.23 cents.
On Tuesday November 8, 2011, the company's shares jumped to a high of $40.00 a share on average volume of 1,326,052, sending the company to over $1 billion in market value. Broadsoft ended Tuesday to close at $39.94 a share.