Shares of Yext, Inc. (NYSE:YEXT), a New York-based software developer that helps businesses control their information on sites and apps, gained 10% on Friday after the company announced better-than-expected fiscal first-quarter 2019 results.
Revenue jumped an impressive 38% year over year to $51.1 million, with gross margin moving 100 basis points higher to 74.9%. Excluding stock option expenses, Yext reported an adjusted loss of $0.11 per share, an improvement from the prior year's adjusted loss of $0.13 per share and $0.01 better than analysts' estimates calling for an adjusted loss of $0.12 per share.
"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 Howard Lerman, co-founder and CEO of Yext, in a press release.
It was a strong quarter and management was confident enough in Yext's momentum to bump up its full-year revenue guidance by a million on both the low and high end, up to $225 million to $227 million. If the company can continue to grow its top line, rope in new customers, and maintain or improve its gross margin, this won't be the last solid quarter it announces in fiscal 2019.