Yext shares rally 16% on earnings/guidance beat and analyst upgrade By Investing.com

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Yext shares rally 16% on earnings/guidance beat and analyst upgrade

Published Jun 07, 2023 08:56AM ET

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Yext (NYSE:YEXT) shares traded 16.5% higher in pre-market Wednesday after the company reported Q1 results.

A profit per share of $0.09 came in better than the consensus estimate of $0.05. Revenue increased 1% year-over-year to $99.5 million, compared to the consensus estimate of $98.55M.

ARR grew 3% year-over-year to $398M. RPO was $428M as of April 30, 2023.

"We had a strong start to the year, achieving record levels in the first quarter with both our non-GAAP EPS and Adjusted EBITDA," said Michael Walrath, CEO and Chair of the Board.

"Our results demonstrate our continued commitment to driving efficiency and executing on our operational and financial goals. Yext is ideally positioned to help enterprises use generative AI, search, content management, and related technologies to deliver world-class digital experiences."

For Q2/24, the company expects EPS in the range of $0.06-$0.07, compared to the consensus of $0.05, and revenue in the range of $101.5-$102.5M, compared to the consensus of $100.1M.

For the full year, the company expects EPS in the range of $0.28-$0.29, compared to the consensus estimate of $0.21, and revenue in the range of $404-$40M, compared to the consensus estimate of $403.6M.

Roth MKM analysts upgraded shares to Buy from Neutral and hiked the price target to $12.50 per share.

"We are encouraged by management's focus on sales execution and profitable growth. Plus, upcoming AI products unlock new TAM, and could help reposition Yext as the de facto AI partner for large enterprises," they said in a note.

Needham & Company analysts are less positive as they reiterated a Hold rating.

"We are optimistic about Yext's GTM strategy and new products that are generating strong interest, but do not anticipate multiple expansion without additional signs of growth acceleration," they argue.

Additional reporting by Senad Karaahmetovic

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