After four years of stock buybacks totaling more than $90 million, Israel-based AudioCodes Ltd. has opted to pay dividends to shareholders, the telecommunication technology company said in its second-quarter results on Tuesday.
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After reporting the financials, AudioCodes saw its stock price go up 5% on the Tel Aviv Stock Exchange. The company is also traded on Nasdaq.
AudioCodes said the dividend amount would be 20 per share for a total of $5.7 million.
Revenue grew 12.3% to $43.5 million compared to the second quarter of last year. Analysts had projected revenue to reach $42.15 million.
The company also posted a quarterly profit of $4.1 million or 14 cents a share, compared with $2.5 million or 8 cents a share a year earlier. Analysts had forecast a profit of 9 cents.