Shares of Yext (YEXT -5.50%), a provider of software for enhancing online searches, jumped sharply on Friday. The stock rose as much as 22.3%. As of 1:30 p.m. EDT, shares were up by 18.6%.
The stock's gain followed the release of the tech company's strong fiscal 2022 first-quarter report, which featured higher-than-expected revenue and a narrower-than-expected non-GAAP (adjusted) loss per share.
Yext's fiscal first-quarter revenue rose 8% year over year to $92 million. For the period, which ended April 30, analysts, on average, had been expecting revenue of $88.5 million. On a non-GAAP basis, it lost $3 million during the quarter -- a huge improvement from a $12 million adjusted loss in the year-ago quarter. On a per-share basis, this translated to a $0.02 non-GAAP loss in fiscal Q1 2022. On average, analysts had been modeling for a loss of $0.06 per share.
"We continue to grow revenue while increasing our business efficiencies and cash position," said founder and CEO Howard Lerman in the earnings release.
Management seemed optimistic about Yext's momentum.
"We are now expanding our search platform to include support search, and have an incredible roadmap that will allow us to deliver AI search everywhere across the enterprise," noted Lerman. "Our team is energized, and we're in a great position as the world begins to reopen."
For its fiscal second quarter, management said it expected revenue in the range of $94 million to $96 million. This easily beat the analysts' consensus estimate of $93 million.