Why Qualtrics International Stock Soared Today
Shares of Qualtrics International (NASDAQ: XM) soared on Thursday after the company reported financial results for the first quarter of 2021. It beat Wall Street's expectations on both the top and bottom lines. And management raised its full-year guidance, resulting in several upgraded price targets from analysts. This is why the stock was up 24% as of noon EDT today.
Qualtrics, through its subscription software, helps companies improve experiences for their major stakeholders, including employees. This is important considering how much change the workplace experienced in 2020 with the pandemic and how much it will still experience. Against this backdrop, Qualtrics has been in high demand, which is reflected in its financial results. It generated first-quarter revenue of $238.6 million, up 36% year over year and almost 5% ahead of the high end of its previous guidance.
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Source Fool.com
