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Investing.com — Anaplan Inc’s (NYSE:PLAN) stock hit a high of $54 Thursday and was still up nearly 8%, to $50 on Thursday afternoon, after the company posted fourth-quarter and full-year earnings Wednesday after the close.
Analysts had predicted $154.7 million in revenue for the cloud-native platform provider. Instead, the company exceeded expectations, reporting revenue of $162.7 million.
The number represented revenue growth of 32.8% year over year in the fourth quarter, aided by an increase in subscription revenue. Subscription revenue made up the majority of the revenue number, coming in at $148 million, increasing 31.5% year-over-year.
In contrast, the bottom line fell short of expectations, with an 11 cent loss per share. Analysts polled by Investing.com forecasted a 10 cent loss per share.
The company reported full-year revenue of $592.2 million, up 32.3% year over year, and earnings per share of $0.35 per share.
“I am proud that Anaplan delivered a very strong fourth quarter and finished the year with over 1,900 customers,” said Frank Calderoni, Chief Executive Officer of Anaplan. “As we start the new fiscal year, we are well positioned with our growth strategy and the next level of innovation to take advantage of the opportunities ahead.”
First-quarter revenue is estimated to be between $164.5 and $165.5 million.
Following the report, Wells Fargo (NYSE:WFC) analyst Michael Turrin increased the firm’s price target on Anaplan to $55 from $49, telling investors in a note that the company’s results showed better than expected billings. However, Turrin warned that macro volatility concerns persist.
