NEW YORK (TheStreet) -- Model N soared 18.71% to $12.18, up $1.92 from its previous close of $10.26, at the close of the trading day on Tuesday after the software company reported first-quarter earnings that surpassed analysts' expectations.
The company reported a year-over-year revenue decline of 3% to $21.6 million from $22.3 million. Model N reported a non-GAAP net loss of three cents a share. Analysts had expected a loss of 12 cents a share on revenue of $21.26 million, according to Barron's.
Model N also expects revenue in the range of $20 million to $20.5 million for the second quarter and a non-GAAP net loss per diluted share in the range of 14 cents to 17 cents. This beat analysts' expectations of a loss of 23 cents a share on revenue of $17.97 million.
For the full year, the company expects revenue of $76 million to $80 million and a non-GAAP net loss per diluted share of 69 cents to 82 cents. This also surpassed the consensus estimate of a loss of 90 cents per share on revenue of $76.23 million.
"We made further progress towards addressing our recent sales execution challenges during the past quarter and delivered against the key strategic initiatives outlined at the beginning of our fiscal year," said founder, Chairman and CEO Zack Rinat in the company's statement. "I'm encouraged by our results and believe that the company is headed in the right direction. However, we still have work to do in order to put our recent challenges behind us."