Enterprise cloud software firm Intapp late Tuesday beat Wall Street's targets for its fiscal second quarter but provided in-line guidance for the current quarter. Intapp stock rose in extended trading.
The Palo Alto, Calif.-based company earned an adjusted 11 cents a share on sales of $103.9 million in the quarter ended Dec. 31. Analysts polled by FactSet had expected Intapp earnings of 6 cents a share on sales of $103 million. On a year-over-year basis, Intapp's earnings surged 267% while its sales rose 23%.
"We are pleased to report solid second-quarter performance, built on the addition of new clients, the expansion of existing client accounts, and the market's appetite for cloud transformation," Chief Executive John Hall said in a news release. "We're excited about our continued AI innovation and new features that we'll be sharing with the market and at our inaugural investor day in February."
Intapp senior management will host the company's first investor day on Feb. 22 in New York City and via webcast.
Intapp Stock Rises After Report
In after-hours trading on the stock market today, Intapp stock climbed 3% to 45.81. During the regular session Tuesday, Intapp stock dipped 0.8% to close at 44.47.
For the current quarter, Intapp forecast adjusted earnings of 7 cents a share on sales of $108 million, based on the midpoint of its guidance. Those figures matched Wall Street's estimates. In its fiscal third quarter last year, Intapp earned an adjusted 3 cents a share on sales of $92 million.
Intapp also provided guidance for the full fiscal year. Its implied guidance for the fiscal fourth quarter calls for adjusted earnings of 9 cents a share on sales of $111 million. Analysts had been looking for earnings of 8 cents a share on sales of $111.9 million. In the year-earlier period, Intapp earned an adjusted 4 cents a share on sales of $94.6 million.
INTA Stock Is A Tech Leader
Intapp provides cloud-based software applications for professional and financial services firms worldwide. The company serves private capital, investment banking, legal, accounting and consulting firms.
As of Dec. 31, Intapp served more than 2,400 clients. Of those, 649 each generated more than $100,000 of annualized recurring revenue for Intapp.
Intapp stock ranks first out of 45 stocks in IBD's Computer Software-Financial industry group, according to IBD Stock Checkup. It has a best-possible IBD Composite Rating of 99.
Further, Intapp stock is on two IBD stock lists: IPO Leaders and Tech Leaders.
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