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Autonomy shares shot up 25 per cent today as it posted first quarter results that hit its revised expectations.
However, the intelligent agent specialist showed signs of strain under worsening market conditions with revenue falling by a third from the previous quarter. The firm recorded a profit of $5.7m on revenues of $14.7m, compared to the last quarter of 2000 where it managed to bring in revenues $21.5m. The results do show a 25 per cent rise from the equivalent quarter last year. While in line with adjusted expectations, Mike Lynch, CEO of Autonomy, outlined the problems the company is facing with an economic slump making its way from the US to Europe. Today's share boost may reflect investor relief rather than optimism in a stock which has seen 90 per cent of its value wiped since December.