Why Braze Stock Was on Fire Today
Shares of customer-engagement software company Braze (NASDAQ: BRZE) were on fire on Friday after the company reported financial results for the fourth quarter of its fiscal 2023. As of 10:15 a.m. ET, Braze stock was up about 16% for the day and is now up about 35% year to date.
In Q4, Braze generated revenue of $98.7 million, firmly ahead of management's guidance range of $95 million to $96 million. The company tends to report a lot of adjusted numbers not in accordance with generally accepted accounting principles (non-GAAP). It gave guidance for a non-GAAP operating loss of $18.5 million to $19.5 million. But Q4 results were better than expected here as well, with a non-GAAP operating loss of $16.7 million.
Investors were pleased to see Braze outperform guidance on the top and bottom lines. But they may also be intrigued by the company's acquisition of North Star. North Star is a reseller of Braze's software in Australia and New Zealand. For an undisclosed amount, Braze's management is bringing North Star in-house, giving it a bigger international presence.
Source Fool.com
