Shares of LiveRamp Holdings (RAMP 0.60%) closed up nearly 20% on Thursday after the data collaboration platform company announced strong fiscal second-quarter results. For its fiscal second-quarter 2024, which ended Sept. 30, 2023, LiveRamp's quarterly revenue grew 9% year over year to $160 million, translating to adjusted (non-GAAP) earnings of $0.43 per share. Analysts, on average, were only expecting earnings of $0.24 per share on revenue of $152.4 million.

On LiveRamp's strong new logo momentum

Within LiveRamp's top line, subscription revenue grew 5% to account for 79% of total sales. Meanwhile, revenue from its Marketplace & Other segment rose 25% to $34 million. LiveRamp also generated healthy operating cash flow of $36 million during the quarter -- its fifth straight positive quarter for the metric -- up from $21 million in the same year-ago period.

LiveRamp CEO Scott Howe noted the company enjoyed its best new logo quarter in two years, including the addition of multiple new Fortune 500 customers.

LiveRamp continued returning capital to investors through share repurchases as well, buying back 490,000 shares for roughly $15 million during the quarter. That brings the company's fiscal first-half buybacks to 1.3 million shares repurchased for $35 million.

What's next for LiveRamp investors?

Given its relative outperformance throughout the first half of its fiscal year, LiveRamp also raised its full fiscal year 2024 outlook to call for revenue of between $632 million and $637 million (up from between $620 million and $630) and adjusted operating income of between $97 million and $100 million (up from between $90 million and $93 million).

In the end, this was a straightforward beat-and-raise performance from LiveRamp. Assuming the underlying business can sustain this momentum going forward, despite broader macroeconomic uncertainty, I won't be the least bit surprised if the stock continues rallying from here.