What happened
Investors were sure tapped in to fintech solutions provider Intapp (INTA 0.98%) on Tuesday. After publishing its latest set of quarterly earnings after market hours on Monday that topped analyst estimates, those investors sent the company's stock a robust 18% higher the following day.
So what
Intapp revealed that for its second quarter of fiscal 2023, it earned $84.7 million in total revenue, which was 31% higher on a year-over-year basis. Much of this comprised software-as-a-service (SaaS) and support revenue; together, these two categories brought in nearly $62 million, again a 31% increase.
On the bottom line, Intapp flipped to a non-GAAP (adjusted) net income of $2.2 million, or $0.03 per share. The second quarter of fiscal 2022 showed a loss of roughly $100,000.
Both line items comfortably exceeded the average prognosticator estimates. Collectively, the analysts tracking Intapp stock were modeling only $80.5 million on the top line and break-even profitability.
In the earnings release, Intapp quoted its CEO John Hall as saying, "We continued to see steady demand for our purpose-built solutions in the second quarter with the addition of new clients and the expansion of existing client relationships."
He added that the company's better-than-expected results "demonstrate the [finance] industry's commitment to investing in digital transformation and our ability to lead the way."
Now what
Intapp also proffered guidance for both its current (third) quarter and the entirety of fiscal 2023. The company estimates its total revenue will come in at $340.5 million to $344.5 million for the year, filtering down into adjusted net income of $0.02 to $0.06 per share.