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Qlik shares soar after 1Q results beat estimates

NEW YORK (AP) -- Shares of Qlik Technologies rose sharply Friday after large new contracts propelled the business software company to stronger-than-expected results for the first quarter.

THE SPARK: Qlik's revenue rose 22 percent to $96.5 million, easily topping Wall Street projections.

ANALYST COMMENT: Roth Capital Partners analyst Nathan Schneiderman said bigger deals remained a highlight for the company. While deals over $100,000 declined year-over-year, the company booked 32 deals that exceed $250,000 each compared with 25 last year, including three valued at more than $1 million, he added.

BIG PICTURE: Schneiderman said that while Europe was still "a bit weak and uneven," compared with last year It was still "nicely positive." Investors have been worried about the weak European economy hurting U.S. companies.

SHARE ACTION: Radnor, Pa.-based Qlik's stock rose $3.60, or 15.1 percent, to $27.45 in late morning trading. The stock has traded in the 52-week range of $16.71 and $30.92.