NEW YORK (AP) -- Splunk's shares are surging in premarket trading on Friday as the data management software maker's adjusted second-quarter loss and its revenue each beat Wall Street's expectations and lifted its full-year revenue forecast.
Splunk Inc. said Thursday that its quarterly adjusted loss was 1 cent per share, while revenue rose 50 percent to $66.9 million. Analysts polled by FactSet expected a loss of 3 cents per share on revenue of $63.1 million.
For the year, the San Francisco company expects revenue between $275 million and $281 million, up from $266 million to $274 million. Wall Street expects $275.4 million in full-year revenue.
Steven Koening of Wedbush said in a client note that Splunk had 163 orders above $100,000 during the quarter and achieved balanced growth across its U.S. and international markets.
"We continue to favor Splunk as an attractive growth investment, given the company's growth trajectory, outperformance potential, product differentiation and market opportunity," the analyst wrote.
Koening maintained an "Outperform" rating and raised the company's price target to $60 from $58.
A representative for Splunk did not immediately respond to an email seeking comment.
The company's shares gained $4.63, or 9.5 percent, to $53.55 in premarket trading about an hour before the opening bell.
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