Yext stock rallies 15% after company raises guidance for the year

Shares of Yext Inc. (YEXT) jumped by as much as 15% in the aftermarket Tuesday after the search and SEO-related digital platform beat Wall Street expectations for its fiscal 2024 first quarter and raised its revenue and profit guidance for the year. Yext said it lost $400,000, or breakeven on a per-share basis, compared with a loss of $25.8 million, or 20 cents a share, in the first quarter of fiscal 2023. Adjusted for one-time items, Yext earned 9 cents a share. Revenue rose 1% to $99.5 million. FactSet consensus called for adjusted profit of 5 cents a share on sales of $98.5 million. "Yext is ideally positioned to help enterprises use generative AI, search, content management, and related technologies to deliver world-class digital experiences," Chief Executive Michael Walrath said in a statement. The company raised its guidance for fiscal 2024, saying it expects revenue to be in a range of $404 million to $407 million, and adjusted EPS between 28 cents and 29 cents. In March, the company guided for fiscal 2024 revenue to be in a range of $402 million to $406 million, and adjusted EPS to be between 22 cents and 23 cents. Shares of Yext ended the regular trading day up 4%.

-Claudia Assis

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06-06-23 1627ET

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