Shares of Zuora saw an increase on Thursday following the company’s announcement of projected revenue growth for the fourth quarter and an upward revision of its guidance for 2023.
At 11:39 a.m. ET, shares were up by 9.7%, reaching $9.07, with a remarkable surge of 46% since the beginning of the year.
Zuora, a monetization platform catering to customer-centric business models, stated that it now anticipates fourth-quarter revenue to range between $109.8 million and $111.8 million, compared to $103 million reported during the same period last year. Analysts polled by FactSet predict revenue to hit $110.8 million.
In addition to the positive outlook for Q4, Zuora has revised its annual revenue guidance for the year, setting it between $430.8 million and and $432.8 million. This surpasses the prior outlook of $428 million to $433 million.
The company’s impressive results in Q3 indicate growth in revenue, exceeding expectations and delivering strong subscription revenue, total revenue and operating income. As a result, Chief Executive Tien Tzuo expressed satisfaction in their continued execution of the company’s strategy.
It is worth noting that this latest announcement has had a positive impact on the market, propelling Zuora stocks upward.