Alteryx (NYSE:AYX) jumped about 19% after the release of third-quarter results.
The adjusted EPS for the third quarter was 29 cents, crushing the estimate of a loss per share of 5 cents. Alteryx's third-quarter revenue reached $232 million, surpassing the estimate of $210.2 million.
"Alteryx delivered a solid Q3, with key growth and profitability metrics exceeding our prior outlook, driven by improved execution and cost discipline," said Mark Anderson, CEO of Alteryx.
For the fourth quarter, Alteryx expects adjusted EPS to fall within the range of $1.10 to $1.17, compared to the consensus estimate of $1.19. Revenue is projected to range from $334 million to $340 million, surpassing the estimate of $337.4 million.
On a full-year basis, revenue is expected to range from $953 million to $959 million, exceeding the estimate of $934.8 million. Adjusted EPS for the year is forecasted to be in the range of 94 cents to $1.01, compared to the estimate of 67 cents.
“We view the results along with the recent additions to N. America sales/GTM leadership as an early sign of improving rigor in the sales organization, which can pay dividends over time,” analysts at Oppenheimer wrote.
TD Cowen analysts added:
“We see AYX on a path to continue improving growth execution and outperforming a low bar of low-teens ARR growth exiting 4Q.”
“While mgmt acknowledged it has more work to do to return to last year's execution cadence & that the macro remains challenging, we think 3Q results tell an encouraging story - ARR growth is still trending >20%, sales execution is fixable in an unchanged demand env't, competitive/AI headwind concerns seem overblown, and there are hidden tailwinds in the model,” they further clarified.