Similarweb Ltd. (NYSE: SMWB) shares surged 9.44% in after-hours trading on Tuesday, following the release of its second-quarter earnings report that exceeded analyst expectations. The digital intelligence company demonstrated strong financial performance, beating estimates on both earnings per share and revenue.
According to the earnings release, Similarweb reported quarterly earnings of $0.01 per share, significantly outperforming the analyst consensus estimate of $(0.00). This impressive beat represents a 1100% improvement over expectations. However, it's worth noting that this figure still reflects a 80% decrease compared to earnings of $0.05 per share from the same period last year.
On the revenue front, Similarweb posted quarterly sales of $70.966 million, surpassing the analyst consensus estimate of $68.860 million by 3.06%. This result showcases a robust 17.03% increase in sales compared to the $60.637 million reported in the same quarter of the previous year. The strong top-line growth, coupled with the earnings beat, appears to have ignited investor enthusiasm, driving the stock's significant after-hours rally.
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