Enterprise cloud software firm Intapp late Tuesday crushed Wall Street's targets for its fiscal first quarter. Its guidance for the full year also beat views. Intapp stock rose in extended trading.
The Palo Alto, Calif.-based company earned an adjusted 6 cents a share on sales of $101.6 million in the quarter ended Sept. 30. Analysts polled by FactSet had expected Intapp earnings of 3 cents a share on sales of $97.1 million. In the year-earlier period, Intapp earned 1 cent a share on sales of $79.5 million.
"Our first-quarter results are supported by continued innovation and cloud growth, as well as the addition of new logos and expansion of existing client accounts around the world," Chief Executive John Hall said in a news release.
For the current quarter, Intapp forecast adjusted earnings of 5 cents a share on sales of $103 million. That's based on the midpoint of its outlook. Analysts were modeling earnings of 5 cents a share on sales of $102 million for the fiscal second quarter.
For the full fiscal 2024, Intapp predicted adjusted earnings of 27 cents a share on sales of $424.5 million. Analysts were looking for earnings of 23 cents a share on sales of $420.7 million. In fiscal 2023, Intapp earned an adjusted 11 cents a share on sales of $350.9 million.
Intapp Stock Rises After Report
In after-hours trading on the stock market today, Intapp stock advanced 1.5% to 35.72. During the regular session Tuesday, Intapp stock rose 3.1% to close at 35.20.
Intapp provides cloud-based software applications for professional and financial services firms worldwide. It serves private capital, investment banking, legal, accounting and consulting firms.
As of Sept. 30, Intapp served 2,350 clients. Of those, 626 each generated more than $100,000 of annualized recurring revenue for Intapp.
Intapp stock ranks ninth out of 41 stocks in IBD's Computer Software-Financial industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 93 out of 99.
Further, Intapp stock is on the IBD Tech Leaders list.
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