Citrix Systems shares jumped to a fresh 16-year high Thursday as the company's first quarter earnings crushed forecasts.
It was the largest beat in a four-quarter streak of better-than-expected profits.
The business software maker earned $1.18 per share, well above the 26 cents consensus estimate. Revenue was also well above estimates. Citrix also raised its full-year 2016 guidance.
The company is benefiting from both cost cuts and improved software sales. "The progress we made in refocusing the company-simplifying our portfolio and sharpening our message-is starting to pay off," said Citrix CEO Kirill Tatarinov in the company's press release.