Nuance Communications Shares Rise After Microsoft Acquires Company and Aphria Shares Slump After Q3 Earnings Report
On Monday, shares of Nuance Communications jumped, closing up 15.95%.
Shares of the AI-powered speech-recognition company surged after Microsoft announced it is acquiring Nuance for $19.7 billion.
Microsoft’s healthcare cloud offerings would benefit from Nuance’s technology. Conversational AI is used in its software applications to increase the quality of its medical transcription services. Its tools are also used in 77 percent of hospitals in the United States.
In a press release, Microsoft CEO Satya Nadella said, “Nuance provides the AI layer at the healthcare point of delivery and is a pioneer in the real-world application of enterprise AI. AI is technology’s most important priority, and healthcare is its most urgent application.”
Shares of Nuance Communications have risen over 200% in the past 12 months.
On Monday, shares of Aphria slumped, closing down 14.31%.
Shares of the Canadian cannabis producer and distributor of medicinal and recreational cannabis fell after the company reported third-quarter earnings.
Aphria reported net revenue of CA$153.6 million vs CA$166.2 as expected by analysts. The company reported an adjusted net loss in the third quarter of CA$0.14 per share vs an adjusted net loss of CA$0.04 per share as expected by analysts.
In response to the disappointing third-quarter earnings report, Aphria Chairman and CEO Irwin Simon said, “The duration and impact of lockdowns across many of the regions we operate in, particularly in Canada, were greater than we initially anticipated for the cannabis industry and our business.”
Shares of Aphria have risen over 300% in the past 12 months.
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