Why Urban Outfitters, Inc. (URBN) Soared Today

We recently published a list of These 10 Stocks Soared by Double Digits Today! In this article, we are going to take a look at whereUrban Outfitters, Inc. (NASDAQ:URBN) stands against other stocks that soared today.

Urban Outfitters snapped a three-day losing streak on Thursday, jumping 22.84 percent to close at $73.21 as investors cheered the company’s strong earnings performance in the first quarter of the year.

In its financial statement, Urban Outfitters, Inc. (NASDAQ:URBN) said net income expanded by 75 percent to $108 million from the $61.8 million registered in the same period last year, as revenues grew 10.75 percent to $1.329 billion from $1.2 billion year-on-year, on the back of higher sales from both retail and subscription segments.

“Our success was driven by positive sales growth and improved profitability across all brands and segments. We believe these results demonstrate the strength of our brands and the effectiveness of our strategy, giving us confidence in URBN’s continued success,” said Urban Outfitters, Inc. (NASDAQ:URBN) Chief Executive Officer Richard Hayne.

Overall, URBN ranks 6th on our list of stocks that soared today. While we acknowledge the potential of URBN, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than URBN and has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.