Guidewire jumps after lifting annual revenue forecast

Guidewire Software

05/06/2024 16:27

** Shares of insurance software provider Guidewire  GWRE.N 
rise as much as 18.2%, last up 15.2% at $124.42
    ** Stock on course for biggest one-day gain in over a decade
    ** Late on Tuesday, GWRE lifted its annual revenue outlook
to between $968 mln and $976 mln, higher than its prior forecast
of $957 mln to $967 mln 
    ** Meanwhile, Q3 adjusted profit of 26 cents/shr sailed past
analysts' average expectation of 13 cents/shr - LSEG
    ** Q3 results driven by strong tier-1 deals and an
acceleration in migration activity, particularly in Asia Pacific
- CFO Mike Rosenbaum
    ** BofA Global Research analysts say the management's
commentary surrounding end-market demand and pipelines was
incrementally more positive and a stark contrast to the
messaging from software peers during the earnings cycle
    ** As of last close, GWRE shares were down 0.9% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))