Qlik Technologies (QLIK), a business intelligence software company, is seeing roar upward in Friday morning trading after reported better than expected fourth-quarter earnings on the back of increased license sales after the closing bell on Thursday.
For the fourth quarter, Qlik recorded total revenue of $137.5 million, up 27 percent from $108.1 million in the fourth quarter of 2011. Licensing revenue contributed heavily to the expansion with a 24 percent rise to $93.5 million from $75.7 in the year prior period. Total revenue in the Americas jumped 41 percent from the comparable quarter of 2011.
GAAP income from operations for the latest quarter was $26.5 million, about even with the $26.2 million in Q4 2011. GAAP net income was $13.3 million, or 15 cents per share, a drop from $15.6 million, or 18 cents per share in the year earlier quarter.
Excluding items, Q4 2012 non-GAAP net income was $22.0 million, or 25 cents per share, up from $20.4 million, or 23 cents per share in the fourth quarter of 2011.
Wall Street analysts were expecting 23 cents per share in non-GAAP earnings on $126.9 million in revenue.
“I am pleased with our strong fourth quarter results with revenue increasing 27% year-over-year driven by enterprise sales. As we look ahead to 2013, we continue to see strong demand for our products and we are focused on broadening our service offerings, further improving our customer ROI and driving significant levels of growth, while also targeting modest improvements in our profit margins,” said Lars Björk, Chief Executive Officer of Qlik.
For all of 2012, the Radnor, Pennsylvania-based company generated total revenue of $388.5 million, 21 percent more than 2011. Non-GAAP income for the year was $22.9 million, or 26 cents per share, a slightly lower total than $23.1 million, or 27 cents per share in the year earlier.
Regarding Qlik’s business outlook, the company plans revenue of $87 to $91 million and a non-GAAP loss of 12 cents to 15 cents during the first quarter. These revenue figure came up shy of analyst expectations of $94.2 million and the EPS was a complete whiff which Wall Street only expecting a loss of 1 cent per share.
The company also said that its chief financial officer, Bill Sorenson, is resigning for personal reasons, but will stick-around until a successor is found.
Investors have chosen to put their focus on the Qlik’s earnings beat rather than the gloomy outlook. Shares gapped upward at the opening bell by more than 18 percent to $27 per share and are holding at that level around lunch. Shares of QLIK are up about 25 percent now in 2013.
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