Yext Inc (NYSE:YEXT) announced a narrower-than-expected first-quarter loss, seeing shares rise slightly in after-hours trading.
The digital knowledge management company reported a loss of US$0.11 per share on revenue of US$51.1mln compared with a loss of US$0.13 per share on revenue of US$37.1mln in the previous year’s first quarter.The New York-based company beat consensus estimates of a loss of US$0.18 per share.
The company credits the growth in revenue to a growing customer base and expanding subscriptions.
"We are pleased with our results this quarter, highlighted by our 38% revenue growth over the first quarter of last year - driven, in part, by the more than 60 new enterprise logos we won this quarter - as well as the positive operating cash flow we generated during the quarter," said CEO Howard Lerman in a press release.
The company increased its yearly revenue forecast, expecting between US$225mln and US$227mln compared with its previous range between US$224mln and US$226mln.
Next-generation chatter
The tech company provides companies with the tools to manage its brand via a conversational user interface. The Yext Knowledge Engine allows companies to text or Facebook message to manage public information about the company like store hours and phone numbers and can update the company’s social media pages by adding a profile picture or a cover photo.
The service is utilized by companies like Yum! Brands' (NYSE:YUM) Taco Bell and Rite Aid Corp (NYSE:RAD).
The tech company recently partnered with Tripadvisor (NASDAQ:TRIP) to give companies the option to edit their Tripadvisor restaurant listings using the Yext Knowledge engine. Companies can make changes to their locations, menus and other information.
ONWARD18, the company’s marketing tech conference, will feature famous astrophysicist Neil deGrasse Tyson as the keynote speaker. Tyson, the head of the New York City’s Hayden Planetarium, will speak about the “Ten Things You Should Know about the Universe” to attendees.
Shares of the software company rose more than 2% to US$15.80 in Thursday after-hours trading.