Shares of Clear Secure soared 19% following the announcement of strong second-quarter performance. The identity-verification company reported revenue of $149.9 million for the quarter, marking a significant 46% increase from the previous year. This surpasses analysts' expectations of $139.6 million, according to FactSet.
Clear Secure, known for powering the Transportation Security Administration's precheck program in U.S. airports, also disclosed a swing to profitability. The company reported a profit of $4.0 million, or 4 cents per share, which is a substantial improvement compared to a loss of $7.16 million, or 9 cents per share, in the same period last year.
Moreover, Clear Secure exceeded analysts' projections for adjusted earnings, with figures reaching 15 cents per share compared to the expected 7 cents per share, according to FactSet.
Additionally, the company announced its plans to introduce a new quarterly dividend of 7 cents per share. Based on Tuesday's closing price of $22.73, this reflects an annual dividend yield of approximately 1.2%.
With such impressive results, Clear Secure is set to make a significant impact within the industry.
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