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Anaplan Shares Spike as Results and Outlook Top Estimates

Anaplan reported a slimmer second-quarter net loss than analysts expected while third-quarter revenue guidance also topped estimates.
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Anaplan  (PLAN) - Get Anaplan, Inc. Report shares spiked on Wednesday after the planning-platform provider reported a smaller-than-expected fiscal-second-quarter loss. 

For the quarter ended July 31 the San Francisco company reported a GAAP net loss of 26 cents a share, narrowed from 31 cents in the year-earlier quarter. 

The non-GAAP net loss of 4 cents a share compared with 12 cents in the year-earlier quarter. Analysts surveyed by FactSet were looking for an adjusted loss of 12 cents in the latest quarter.

Revenue moved up 26% from a year earlier to $106.5 million. Analysts were expecting $103.5 million. 

"I’m pleased with our progress this quarter, and we are confident in the long-term market opportunity for Connected Planning," Chief Executive Frank Calderoni said in a statement.

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Anaplan reinstated its third-quarter guidance with expectations of revenue between $109 million and $110 million. For the full year, revenue is expected to range between $437 million and $439 million. 

Wall Street is expecting third-quarter revenue of $108.4 million and full year revenue of $433.5 million. 

Analysts at Evercore rated the stock outperform with a $57 price target on expectations of more demand for the company's products amid economically uncertain conditions. 

Citi is also bullish on the company but said its repeated history of "tough results" meant that analyst expectations may have been low for the quarter. 

Anaplan shares at last check jumped 30% to $61.94.

Anaplan is on track for its highest close since Feb. 20 when it closed at $61.59. The stock is up 36% month-to-date and 17.4% year-to-date.