Data analytics company Tableau Software Inc. reported a mixed bag in its first-quarter earnings report, barely missing estimates on revenue but blowing past expectations on losses.

Tableau posted revenue of $199.9 million for the quarter, a 16 percent increase year-over-year. That compared with analysts’ estimates of $200.83 million. However, the company reported a loss after certain costs such as stock compensation of $4.2 million for the quarter, or 3 cents per share, lower than Wall Street’s expected loss of 11 cents per share.

In a conference call, Tableau Chief Financial Officer Tom Walker claimed the company would have scored a profit this quarter if it hadn’t been hit with a $10 million real estate consolidation charge.

The results saw investors dithering, with the company’s share price first falling by 8 percent to about $50.50 in extended trading Wednesday before surging nearly 10 percent, to $60.

One highlight that Tableau was keen to point out was its ratable mix of license bookings, in which revenue is recognized over the life of the subscription, which rose 26 percent year-over-year. The company also closed on 294 transactions worth over $100,000, 10 percent higher than the same period a year ago. Tableau said it added approximately 3,300 new customers in the quarter, bringing its total above 57,000 customers.

In a statement, Tableau President and Chief Executive Adam Selipsky (pictured) said the new bookings and customer increase showed they were embracing its new subscription model. “Customers enthusiastically embraced our subscription licensing offerings in Q1, as reflected in our 26 percent ratable license bookings mix,” Selipsky said. “Subscription reduces risk for our customers, lowers their upfront investment and we expect will lead to higher demand for Tableau over time.”

The CEO noted that the shift to a subscription model would mean the company earns less revenue upfront, but said it would prove to be a more consistent earnings stream. Tableau began offering subscriptions just last month.

Still, Walker said on the conference call that the rapid adoption of its subscription model could hurt operating income and revenues in the short term.

Tableau also issued guidance that tallied with Wall Street’s expectations. The company said it projected a second-quarter loss after certain costs such as stock compensation of between 2 and 9 cents a share. Wall Street was expecting a loss of 4 cents a share. For the full year, Tableau said it’s maintaining its forecast of revenues between $850 million and $890 million.

Image: Michael Clinard