What happened

Shares of Alteryx Inc. (NYSE:AYX) rose on Thursday following the data analytics software provider's second-quarter report. Both revenue and earnings came in ahead of analyst expectations, and the company raised its revenue outlook for the full year. Alteryx stock was up about 15.9% at 11:35 a.m. EDT.

So what

Alteryx reported second-quarter revenue of $46.8 million, up 54% year over year and about $3.1 million higher than the average analyst estimate. The company added 267 net new customers during the quarter, bringing the total customer count to 3,940. The customer count is up 40% over the past year.

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Non-GAAP earnings per share came in at a loss of $0.09, which was flat compared to the prior-year period and $0.01 above analyst expectations. Operating cash flow was negative $5.7 million in the quarter, which was down from positive $700,000 in the second quarter of 2017. The company enjoyed a $5.9 million income tax benefit, which helped boost the bottom line.

"Alteryx achieved a key milestone during the second quarter, having crossed $200 million in annual recurring revenue, as we continue to benefit from market tailwinds as companies of all sizes in diverse industries across the globe seek to turn data into insights for better business results," said Alteryx CEO Dean Stoecker. "We believe that Alteryx can become synonymous with analytics by delivering high value data science and analytics outcomes for our customers each and every day."

Now what

Alteryx expects to generate between $49 million and $50 million of revenue in the third quarter, along with a non-GAAP net loss per share between $0.04 and $0.06. For the full year, the company expects revenue of $191 million to $193 million, and a non-GAAP net loss per share between $0.24 and $0.27. Previously, Alteryx had guided for full-year revenue between $183 million and $186 million, and a non-GAAP net loss per share between $0.22 and $0.27.

While Alteryx still has a long way to go before turning a profit, soaring revenue was enough for investors to push up the stock. With the market for data analytics software measured in the tens of billions of dollars, the company could grow rapidly for years.

Timothy Green has no position in any of the stocks mentioned. The Motley Fool recommends Alteryx. The Motley Fool has a disclosure policy.