EL SEGUNDO, Calif. (AP) -- Stamps.com said Wednesday that its second-quarter net income jumped 45 percent on stronger revenue. The online postage provider raised its full-year earnings outlook based on the better-than-expected results.
Shares of the company soared in after-hours trading on the news.
Stamps.com earned $8.6 million, or 53 cents per share, for the quarter that ended June 30. That is up from $5.9 million, or 34 cents per share, last year. After adjusting for stock-based compensation, it earned 60 cents per share from operations.
The company's total revenue increased 14 percent to $32.1 million from $28.2 million, with gains in its service, product and insurance revenue.
The quarter's results exceeded market expectations. Analysts polled by FactSet, on average, were anticipating earnings of 47 cents per share on revenue of $31.4 million.
Stamps.com raised its earnings guidance based on the quarter's results.
The company now expects to earn between $2 and $2.20 per share for the year on an adjusted basis. This is up from its prior forecasts of earnings between $1.95 and $2.15 per share. Analysts had predicted $2.04 per share.
Stamps.com also said that it expects its revenue will fall in the range of $125 million to $135 million; analysts had forecast $129.1 million.
Shares increased $2.54, or more than 6 percent, to $42.40 in after-hours trading following the report. Its stock added 7 cents to close regular trading at $39.86.