Amplitude Inc. shares rose more than 3% in after-hours trading today after the behavior-tracking firm reported small beats in its fiscal first quarter and forecast a revenue outlook in line with analyst expectations.

For the quarter that ended on March 31, Amplitude reported adjusted earnings of a penny per share, up from a loss of four cents per share in the first quarter of last year, on revenue of $285 million, up 9%. Analysts had been expecting adjusted breakeven on revenue of $72.25 million.

Amplitude’s solid figures were driven by customer growth, with the company seeing annual recurring revenue grow 9% year-over-year to $285 million, a figure that was also up $4 million from the previous quarter. Amplitude ended the quarter with 2,970 paying customers, up 37% year-over-year, with the number of customers spending more than $100,000 annually growing to 521, up 6%.

Free cash flow in the quarter was negative $1.1 million, an improvement over the negative $5.8 million in the same quarter of last year. Amplitude ended the quarter with $466.6 million in cash and cash equivalents on hand, up from $214.9 million.

“We’re still at the beginning of a generational shift in how businesses use customer and product data,” co-founder and Chief Executive Spenser Skates said in the company’s earnings release. “Digital analytics is a multibillion-dollar opportunity and we believe Amplitude is well-positioned to lead the market. Many of the largest and fastest-growing companies already view Amplitude as their first call.”

For the second quarter, Amplitude expects an adjusted earnings per share loss of between one and two cents on revenue of $71.7 million to $72.3 million. For the full year, the company expects to see adjusted earnings per share of seven to nine cents on revenue of $292.5 million to $295.5 million.

Amplitude was previously in the news in February when it added session replays to its customer analytics platform. The feature is integrated with Amplitude Analytics to bridge the gap between qualitative and quantitative analysis and to help customers watching a replay visualize the sessions based on the events that actually matter to them.

Photo: Amplitude