Why Avid Technology Stock Is Surging Today

Why Avid Technology Stock Is Surging Today

Shares of Avid Technology (NASDAQ: AVID) rose on Thursday after the technology provider to the media and entertainment industry reported its third-quarter results. While revenue was down a bit from the same period last year, sales improved from the second quarter and were ahead of analyst expectations. The number of paid cloud-enabled software subscriptions reached 269,000 at the end of the quarter, up 58% year over year.