Yext Inc (NYSE:YEXT) shares are set to jump at the open after it reported first-quarter results that beat expectations and raised its guidance for the current quarter.
The brand management software company reported a 1% rise in 1Q revenue to $99.5 million, above the $98.6 million expected by Wall Street.
It swung to an underlying (Non-GAAP) net income of $10.6 million, compared to a net loss of $7.8 million in 1Q 2023.
Adjusted diluted earnings per share came in at $0.08, from a $0.06 loss previously and above the $0.05 forecast by the Street.
It ended the quarter with cash and cash equivalents of $217 million and unearned revenue of $197 million, up from $196 million a year earlier.
"We had a strong start to the year, achieving record levels in the first quarter with both our non-GAAP EPS and Adjusted EBITDA," the company’s CEO and chair Michael Walrath said in a statement.
"Yext is ideally positioned to help enterprises use generative AI, search, content management, and related technologies to deliver world-class digital experiences.”
The company now expects second-quarter revenue of $101.5 million to $102.5 million and adjusted EPS of $0.06 to $0.07.
Yext’s shares were up 17% at $11.26 in pre-market trade.
Contact the author at stephen.gunnion@proactiveinvestors.com