Zuora, the subscription economy software pioneer, this afternoon reported fiscal Q1 revenue that topped analysts' expectations, and a smaller-than-expected net loss, an outlook for the quarter higher as well, and raised its year outlook.
The report sent Zuora shares up slightly in late trading.
CEO and founder Tien Tzuo called the quarter "a solid start to the year," noting that the company "exceeded expectations across our key operating metrics, drove significant improvement on net dollar retention, and believe that we have built a solid foundation for Zuora's long-term growth.
Revenue in the three months ended in April rose 9%, year over year, to $80.3 million, yielding a net loss of 2 cents a share.
Analysts had been modeling $79 million and a 4-cent net loss per share.
Zuora said its number of customers constituting a lifetime contract value (ACV) of $100,000 or more rose by 5%, year over year, to 677.
The company's dollar-based net retention rate rose 3 points from the prior quarter, to 103%.
For the current quarter, the company sees revenue of $82.5 million to $84.5 million, and net loss per share in a range of 3 cents to 4 cents. That compares to consensus for $81.8 million and a 2-cent loss per share.
For the full year, the company sees revenue in a range of $337 million to $339 million, and a net loss per share of 6 cents to 10 cents. That is up from the company's revenue forecast offered in March for $337 million, and above consensus of $336 million and an 8-cent loss per share.