Corel: Solid Q2; No Update on Vector Bid; Piper Upgrades

July 3, 2008 at 1:55 pm PT

Corel (CREL) shares are rallying today after the company reported solid results for its fiscal second quarter ended May 31.

For the quarter, the company posted revenue of $67.0 million and non-GAAP EPS of 36 cents; the Street had expected $66.85 million and 35 cents.

For Q3, the company sees revenue of $63 million to $65 million, with non-GAAP profits of 30-36 cents a share; the Street had been expecting $63 million and 32 cents. For the full year ending in November, the company sees revenue of $263 million to $275 million, with profits of $1.50 to $1.70; the Street consensus has been $269.1 million and $1.54.

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