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Alteryx News: AYX Stock Soars 28% on Bullish Q3 Sales Outlook

Alteryx (NYSE:AYX) news for Tuesday includes AYX stock soaring higher following the release of a new outlook for the third quarter of 2020.

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According to the Alteryx news release, the software company is now expecting revenue for Q3 to range from $126 million to $128 million. For comparison, Wall Street is looking for revenue of $114.68 million in the third quarter of the year.

Alteryx notes that its new guidance means it expects year-over-year revenue growth between 22% to 24%. It’s also worth mentioning that the company’s previous revenue guidance range for the quarter was $111 million to $115 million.

The Alteryx guidance news comes a fair way into its third quarter of 2020. The company is expecting to release its earnings report for Q3 after markets close on Nov. 5, 2020.

The Alteryx guidance update comes alongside other news from the company. That includes details of its CEO succession plan. The plan has Board of Directors member Mark Anderson taking over the role from current CEO and co-founder Dean Stoecker.

Alteryx CEO succession goes into effect today. Even though he’s no longer the CEO of the company, Stoecker is sticking around. He remains the company’s executive chairman and will continue to serve on its Board of Directors.

Stoecker said the following about the succession news.

“When I decided to transition from day-to-day operations, it was clear to me that Mark is the ideal candidate to serve as Alteryx’s next CEO given his passion for our company and our newly created Analytic Process Automation category, coupled with his experience in scaling organizations.”

AYX stock was up 28.5% as of Tuesday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/alteryx-news-pushes-ayx-stock-higher/.

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