BRZE - Why Braze Stock Soared Today

2023-06-09 10:54:41 ET

Shares of customer engagement software platform Braze (NASDAQ: BRZE) soared on Friday after the company reported strong financial results for its latest quarter and raised its guidance. As of 10 a.m. ET, Braze stock is up about 13%, but it was up as much as 26% earlier in the trading session.

Expectations from Wall Street were low prior to Braze's financial report. Just Wednesday, Canaccord analyst David Hynes said he didn't expect "any major surprises" from Braze, according to The Fly. However, the company pleasantly surprised investors with revenue of $101.8 million in its fiscal first quarter of 2024, which was up 31% year over year. For perspective, management had guided for revenue of $99.5 million at most.

Judging by the number of analysts who raised their price targets for Braze today in light of Q1 results, including Hynes himself, I'd say the market was very surprised after all. And outperforming expectations can lead to big jumps in stock price, as we're seeing today with Braze.

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