Vivint Smart Home Inc (NYSE: VVNT) made a new high in yesterday’s session but still closed the day lower by 6.77% as coronavirus volatility hit Wall Street. The stock’s rally followed stronger than expected Q4 and 2019 full-year results.
For Q4, the company reported that total revenues increased by 11.3% to hit $307.8 billion. The company also reported that there was an improvement in the net loss by $31.2 billion to $88.5 million. On top of that, the company reported an improvement in adjusted EBITDA to $125.1 million, representing an increase of 40.6%.
The company also reported an improvement in its finances for the full year. It recorded an improvement of 10.1% compared to 2018 to close the year with revenues of $1.2 billion. It further reported an improvement of the net loss for the whole year by $76.7 million, to close the year with a net loss of $395.9 million. Adjusted EBITDA for the year also improved significantly, increasing by 51.5% to $421.4 million.
The company also reported that subscriber numbers increased by 7.5% in the year to hit a total of 1,552,541. It also announced the implementation of a second-look financing partner for purposes of growing its consumer financing. The company further announced that the merger with Mosaic Acquisition Corp was completed in January 2020.
Commenting on the results, CEO Todd Pedersen stated that the company was happy with the strong Q4 and 2019 full-year results. He attributed the strong revenue numbers to strong growth and a sharp increase in profits.
From its price action, VVNT had a volatile session, just like other stocks across the markets. The stock opened the day at $24.23 and traded between a low of $23.16 and a high of $27.89, before closing the day at $23.40. Volumes in the day stood at 204.78k.
About Vivint Smart Home Inc
Vivint Smart Home Inc is a provider of home monitoring solutions. It is based in Provo, Utah.