Braze lifted its full-year revenue outlook after the company narrowed its loss in the second quarter.
The marketing software company on Tuesday reported a loss of $18.9 million, or 17 cents a share, in the quarter ended July 31. That compares with a loss of $27.9 million, or 26 cents a share, a year earlier.
Stripping out certain one-time items, the company reported adjusted earnings of 19 cents a share. Analysts polled by FactSet were expecting 16 cents a share
Revenue grew to $227.2 million from $180.1 million. Analysts were expecting $220.3 million in revenue. The growth was driven mainly by upsells, renewals, and new customers, the company said.
Subscription revenue grew to $207.7 million from $171.8 million. Braze ended the quarter with 2,789 total customers, up from 2,422 a year earlier, and including 361 customers with $500,000 or more in annual recurring revenue.
Braze said it now expects full-year revenue between $910 million and $913 million, up from previous guidance for revenue between $895 million and $899 million. It projected full-year adjusted earnings between 64 cents and 65 cents a share, lifting the low end of the range from 61 cents.
Analysts currently expect full-year adjusted earnings of 63 cents a share on $898.2 million in revenue.
The company guided for revenue in the current third quarter between $229 million and $230 million, with adjusted per-share earnings between 13 cents and 14 cents.
Analysts are expecting adjusted earnings of 16 cents a share on $227.5 million of revenue for the quarter.
Shares fell 9.9% to $27.30 in after-hours trading on Tuesday.