Shares of Alteryx (NYSE:AYX) spiked today after the company reported better-than-expected first-quarter results.
The tech stock was up by more than 10% this morning and had gained 8.3% as of 11:40 a.m. EDT.
The company's first-quarter revenue of $118.8 million outpaced analysts' consensus sales estimate of about $106 million. Additionally, the company's adjusted loss of $0.08 per share in the quarter easily beat Wall Street's consensus estimate of a loss of $0.23 per share.
"Alteryx is off to a solid start to the year with first-quarter results ahead of expectations as we see our transformation efforts taking hold," CEO Mark Anderson said in a press release.
The company ended the quarter with 7,214 customers, an increase of 12% from the year-ago quarter, and achieved annual recurring revenue of $512.7 million, up 27% year over year.
Investors were impressed with the revenue and earnings beat in the quarter, but even with today's share price jump, Alteryx's stock is still down 25% over the past 12 months.
Management issued guidance for the second quarter, with revenue in the range of $111 million to $114 million. That would represent a 17% year-over-year increase at the midpoint.
Additionally, the company expects an adjusted loss per share in a range of $0.24 to $0.27, which would be a significant drop from the adjusted earnings of $0.02 per share in the year-ago quarter.