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By Sam Boughedda
Investing.com — Powerschool Holdings Inc (NYSE:) rose nearly 10% on Friday after the company released better-than-expected earnings for the fourth quarter.
Revenue came in at $146.1 million, above analysts’ expectations of $141.19 million. The education technology software business said it was a “fantastic fourth quarter, exceeding the top ends of our guidance on both revenue and Adjusted EBITDA.”
Earnings per share also beat expectations at 14 cents, compared to the 4 cents estimate.
The company’s full-year revenue grew to $558.6 million, up 28.4% year-over-year. Its growth came after the company closed the year with nearly 1,500 cross-sell transactions, including a significant multi-district city Department of Education selecting its Special Programs solution in the fourth quarter.
“The record results for 2021 were underpinned by strong demand for our products as school districts rely on PowerSchool as a trusted strategic partner to navigate the ongoing digital transformation in education,” said PowerSchool CEO Hardeep Gulati.
The company sees first-quarter revenue between $145 million and $148 million. Furthermore, for 2022 revenues are estimated to be between $620 million and $626 million.
PowerSchool shares hit a high of $16.60 on Friday. Following the report, Macquarie raised its price target for PowerSchool from $24 to $25.
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