Qlik Technologies Inc. (QLIK) Thursday reported a wider loss for the first quarter, as higher expenses more than offset a 22 percent increase in revenues. However, adjusted loss was less than what the Street had expected. The stock surged nearly 14 percent in the extended trade.
The company reported a net loss of $13.21 million or $0.15 per share, wider than the $7.54 million or $0.09 per share net loss reported in the year-ago quarter.
Non-GAAP net loss for the quarter was $0.09 per share while it stood at $0.03 per share last year. On average, 19 analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue rose 22 percent to $96.55 million from $79.16 million last year. Analysts had a consensus revenue estimate of $91.26 million for the quarter.
Total license revenue climbed 14 percent to $52.7 million, while Maintenance revenue climbed 35 percent to $35.7 million.
On a constant currency basis, revenue in the Americas increased 29 percent, increased 16 percent from Europe. Revenue from Rest of World increased 37 percent over the prior year period.
Total operating expenses increased to $98.95 million from $77.47 million, mainly due to higher Sales and marketing as well as Research and development expenses.
Looking ahead to the second quarter, QlikTech expects non-GAAP results to be between a loss per share of $0.02 and breakeven per share. Total revenue is estimated be in the range of $104.0 million to $108.0 million. Analysts expect the company to report a profit of $0.02 per share on revenue of $104.82 million.
QlikTech expects 2013 non-GAAP net income per share to be in the range of $0.41 to $0.44 and total revenue to be in the range of $471.0 million to $481.0 million. Analysts expect the company to report earnings per share of $0.40 on revenue of $471.90 million.
Earlier, the company expected non-GAAP net income per share to be in the range of $0.39 to $0.42 and total revenue to be in the range of $465.0 million to $475.0 million.
Lars Björk, CEO, said, "I am pleased with our strong first quarter results. We continue to benefit from sales process improvements across the enterprise, expanded service and support offerings, and ongoing momentum across our partner network."
QLIK, which closed at $23.85, climbed 13.8 percent in aftermarket trading and was at $27.15.
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