Braze (BRZE) Soars 18% on Upbeat Outlook, Revenue Beat, PT Hike

We recently published 10 Stocks Boasting the Biggest Gains; 4 Hit Record Highs. Braze Inc. (NASDAQ:BRZE) is one of the best performers on Wednesday.

Braze climbed by 18.08 percent on Wednesday to close at $36.19 apiece as investors took path from a higher growth outlook, revenue beat, and a higher price target from an investment firm.

In an updated report, Braze Inc. (NASDAQ:BRZE) said revenues jumped by 25 percent to $190.8 million from $152.05 million in the same period last year, beating its earlier forecast of $183.5 million to $184.5 million by 3 to 4 percent.

Revenues were driven primarily by new customers, upsells, and renewals.

Attributable net loss, however, widened by 29 percent to $36 million from $27.9 million year-on-year.

Looking ahead, Braze Inc. (NASDAQ:BRZE) expects the fourth quarter of the fiscal year to generate non-GAAP net income of $15 million to $16 million as well as revenues between $197.5 million and $198.5 million.

For the full-year period, the company projects non-GAAP net income of $46 million to $47 million, as well as revenues of $730.5 million to $731.5 million.

Following the earnings results, Braze Inc. (NASDAQ:BRZE) maintained its “outperform” rating from Oppenheimer and earned a higher price target of $40 versus $38 previously. The new figure marked a 10 percent upside potential from its latest closing price.

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