Qualtrics International stock rose 24% on Thursday after price target upgrades to the range of $41-$48. The upgrades followed a revenue jump of 36% year over year to $238.6 million, in the first quarter.
Qualtrics revenue was above projections of the top and bottom lines, and almost 5% more than previously guided.
Qualtrics’s management raised its FY21 guidance to between $980-$984 million, up from $950-$954 million.
The company’s performance attracted investors attention since it only listed this year.
Qualtrics incurred a $203 million noncash expense due to stock-based compensation on IPO which made it turn a loss of $200 million in the quarter.
Qualtrics International stock is currently declining. XM: NASDAQ is down 0.60% on premarket.
