RTTNews | Aug 4, 2020 10:26AM EDT

10:26 Tuesday, August 4, 2020 (RTTNews.com) - Shares of Cerence Inc. (CRNC), a provider of A.I. powered assistants and innovations for connected and autonomous vehicles, are rising almost 12 percent or $4.95 in Tuesday's morning trade at $46.43 after earlier touching a new 52-week high of $47.54.

Tuesday, Cerence reported third-quarter net loss of $28.2 million or $0.77 per share, compared to net income of $1.8 million or $0.05 per share in the year-ago quarter. Adjusted earnings were $0.31, compared to $0.52 per share in the prior-year period. Revenue declined to $74.8 million from $77.6 million last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share on revenue of $61.45 million. Analysts' estimates typically exclude special items.

The company also said it recorded the second-highest bookings quarter in its history. For the fourth quarter, Cerene projects revenues in a range of $76 million to $80 million.

Cerence has traded in a range of $11.39 to $47.54 in the past 52 weeks.

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