What happened

Shares of Cardlytics (NASDAQ:CDLX) have jumped today, up by 24% as of 11:45 a.m. EDT, after the company reported first-quarter earnings results. The operator of bank loyalty programs beat its own guidance on certain metrics and lost less than the market was expecting.

So what

Revenue in the first quarter increased 10% to $36 million, which was right on target relative to consensus estimates. That led to a non-GAAP net loss of $5.1 million, or $0.23 per share, which was much less than the $0.36 per share that analysts expected Cardlytics to lose on an adjusted basis. Billings rose 20% to $58.6 million, and financial institution monthly active users (FI MAUs) soared 85% to 108.5 million.

Person taking a loyalty card out of a wallet

Image source: Getty Images.

Average revenue per user (ARPU) declined to $0.33. The company's adjusted contribution was $17.6 million, compared to its forecast of $15.5 million to $16.5 million. Adjusted EBITDA came in at negative $3.2 million, also better than Cardlytics' expectation of negative $5.5 million to negative $6.5 million.

Now what

"Our first quarter results mark a very positive start to 2019, with several key metrics exceeding guidance," CFO David Evans said in a statement. "We saw solid commitments from our banking partners as they reinvested money back into our platform to increase consumer engagement, and we continue to be excited about our prospects as we see data points of an accelerating business."

Guidance for the second quarter calls for billings of $61 million to $66 million and revenue of $42 million to $45 million. Adjusted contribution should be $19 million to $21 million, with adjusted EBITDA of negative $3 million to negative $4 million. The market is currently expecting revenue of $42.9 million.

For full-year 2019, Cardlytics now expects billings of $270 million to $290 million and revenue of $175 million to $190 million. Read the company's earnings call transcript here.

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