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International Business Times UK

Business

Niloy Chakrabarti

Bill Ackman's Bet on Beleaguered Hertz is Up 90% as Stock Jumps 35% After First Profits in Two Years

Bill Ackman Hertz Pershing Square X

Bill Ackman, billionaire founder and CEO of Pershing Square, has made a significant investment in Hertz. (Credit: Screenshot/ CNBC Interview)

Hertz Global (Nasdaq: HTZ) shares soared over 36% on Tuesday after posting revenue of $2.5 billion (£1.9 billion) and earnings per diluted share of $0.42 (£0.32)—both positive for the first time in two years.

The earnings beat consensus estimates and could indicate that billionaire investor Bill Ackman's bet on the beleaguered company is proving to be correct.

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