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What: Shares of Blucora (NASDAQ:BCOR) have popped by as much as 24% today after the company announced first-quarter results.

So what: Revenue in the first quarter totaled $165.3 million, which translated into non-GAAP earnings per share of $0.95. Investors would have been happy with just $158.8 million in sales, and Blucora's bottom-line result decimated the consensus estimate of just $0.50 per share in profit. CEO Bill Ruckelshaus said both the company's online search and tax preparation segments are off to a strong start for 2013.

Now what: Second-quarter guidance calls for revenue in the range of $113 million to $117.5 million, with adjusted earnings per share of $0.51 to $0.55. While that may be shy of the consensus forecast of $0.61 per share, investors are focusing on the bottom-line beat just reported. Craig-Hallum boosted its rating on the stock from "hold" to "buy," while similarly increasing its price target from $18 to $20.

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