Zuora Inc (NASDAQ:ZUO) reported stronger-than-expected earnings for its first quarter.
The San Mateo, Calif.-based company put total revenue at $73.9 million, an increase of 15% year-over-year. Subscription revenue was $56.9 million, an increase of 20% year-over-year.
GAAP loss from operations was $17.7 million, compared to a loss of $20.9 million in the first quarter of fiscal 2020.
Non-GAAP loss from operations was $7.7 million, compared to a non-GAAP loss from operations of $12.5 million in the first quarter of fiscal 2020.
GAAP net loss was $17.5 million, or 24% of revenue, compared to a net loss of $20.6 million, or 32% of revenue, in the first quarter of fiscal 2020.
GAAP net loss per share was $0.15 based on 115.1 million weighted-average shares outstanding, compared to a GAAP net loss per share of $0.19 based on 108.8 million weighted-average shares outstanding in the first quarter of fiscal 2020.
"There has never been a time when the importance of what we do for our customers is more apparent," said Zuora CEO Tien Tzuo. "We had another healthy quarter of growth despite the challenges arising from the pandemic. Moments like these truly highlight the resilience of having a subscription revenue business, both for us and for our customers."
Net cash provided by operating activities was $3.0 million, compared to net cash used in operating activities of $2.2 million in the first quarter of fiscal 2020. Free cash flow was negative $2.2 million compared to negative $3.8 million in the first quarter of fiscal 2020.
Shares perked $1.63, or 13%, to $14.22
