Braze Inc (NASDAQ:BRZE) shares are trading higher by over 21% following better-than-expected Q1 FY24 results and solid guidance.
The company reported Q1 revenue growth of 31.3% Y/Y to $101.8 million, which beat the consensus of $100.4 million.
BRZE reported an adjusted EPS loss of $(0.13), better than the consensus loss of $(0.18).
Outlook: The company expects Q2 revenues of $108.0 million – $109.0 million vs. consensus: $105.68 million and adjusted EPS loss of $(0.13) – $(0.14) vs. consensus of $(0.16).
For FY24, Braze raised the outlook for revenues to $442.5 million – $446.5 million (from $433.0 million – $438.0 million) vs. the consensus of $436.43 million and adjusted EPS loss to $(0.51) – $(0.55) (from $(0.55) – $(0.59)) vs. consensus of $(0.55).
Operating cash flow stood at $22.5 million in the quarter. The company held cash and equivalents of $507.4 million as of April 30, 2023.
“We are off to a great start to fiscal 2024, delivering impressive results driven by strong demand for the Braze Customer Engagement Platform. As we move forward this year, we will continue developing exceptional, industry-leading solutions that drive high ROI for our customers while simultaneously upholding our commitment to cost-discipline and efficiency, driving value for our shareholders,” said Bill Magnuson, cofounder and CEO.
Price Action: BRZE shares are up 21.8% at $41.35 on the last check on Friday.
