Canadian Software Stock Powers Higher on Financial Results

Enghouse Systems Limited (TSX:ENGH), a Canadian software stock, jumped on Q2 financial results

Sean Mason | June 5, 2020 | SmallCapPower

Surging revenue and net income propelled a Canadian software stock Friday. Here’s some small stocks making big moves on Friday, June 5, 2020 (as of 4 pm EST):

Enghouse Systems Limited (TSX:ENGH), a Canadian software stock, climbed as much as 23% before ending 4% higher at $65.19 on Friday after announcing second-quarter revenue that rose 58% year-over-year to $140.9 million, while net income for the period increased 64% to $27.1 million.

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As well, shares of Zenabis Global Inc. (TSX:ZENA) rose 4% to $0.14 as the Canadian cannabis company said it has signed a binding term sheet for the supply of medical cannabis, a minimum of 500 kg per year for a term of three years, to the German market.

MAV Beauty Brands Inc. (TSX:MAV), meanwhile, reported first-quarter revenue that increased 30% year over year to US$31.4 million, while recording adjusted net income for the quarter of $3.6 million, a 35% increase over Q1 2019. MAV Beauty Brands stock moved up 38% to $3.75 following the announcement.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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