Bright Horizons stock jumps on big earnings beat

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Bright Horizons Family Solutions Inc. shares rallied in the extended session Wednesday after the child-care provider’s results topped Wall Street expectations amid the COVID-19 pandemic. Bright Horizons shares surged 9% after hours, following a 1.3% rise in the regular session to close at $112.97. The company reported second-quarter net income of $359,000, or a penny a share, compared with $49.3 million, or 83 cents a share, in the year-ago period. Adjusted earnings were 44 cents a share, down from 99 cents a share in the year-ago period. Revenue fell to $293.8 million from $528.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast an adjusted loss of 58 cents a share on revenue of $196.7 million. The company said that more than 400 of its 1,076 centers are currently open using safety protocols, and expects more than 85% of its centers to be open by Sept. 30.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.