Shares in Atoss Software saw a notable climb after the company announced an expansion of its cloud and subscription business, leading to increased net profit and revenue in the third quarter. As of 0845 GMT on Monday, Atoss’s shares were up 4.7% at EUR211.50.
The German workforce specialist has now set its sights on achieving a revenue of at least 145 million euros ($153.6 million) by 2023, surpassing its previous expectation of EUR142 million. Additionally, the company anticipates exceeding its forecasted earnings before interest and taxes margin of around 30%.
These upward revisions come as a result of the company’s strong performance in the first half of the year.
For the third quarter, Atoss reported a rise in net profit to EUR8.6 million from EUR5.5 million in the same period last year. The total revenue for the quarter amounted to EUR37 million, representing a significant 31% increase compared to the previous year. Notably, software revenue reached EUR27.2 million, while revenue from the cloud and subscriptions experienced an impressive 52% growth, reaching EUR13.6 million and accounting for 37% of the total revenue.
Atoss Software’s success in expanding its cloud and subscription business has propelled the company’s overall growth trajectory. With a positive outlook and strong financial performance, Atoss is well-positioned for continued success in the future.
