Ancestry.com Q1 beats on strong subscriber adds,

By @ibtimes on

Ancestry.com Inc reported quarterly results above market consensus helped by strong subscriber additions, and raised its full-year revenue outlook, sending its shares up 16 percent in extended trading.

Ancestry.com, which operates a website that allows people to trace their family roots by scouring online records, said subscribers grew 33 percent to 1.6 million at the end of the first quarter.

Its mobile application for Apple Inc's mobile devices reached 1 million downloads last week, boosted by over 400,000 downloads in the first quarter.

The company raised its full-year revenue outlook range by $25 million to $395-$400 million and forecast second-quarter revenue of $98-$100 million.

Analysts on an average were looking for second-quarter revenue of $92.2 million, according to Thomson Reuters I/B/E/S.

Separately, the company said it will buy back up to $125 million of shares.

First-quarter net income rose to $9 million, or 18 cents a share, from $4 million, or 8 cents a share, last year.

Revenue jumped 41 percent to $91 million, while average monthly revenue per subscriber rose 8 percent to $18.05.

Analysts were looking for earnings of 15 cents a share, on sales of $86.8 million.

Shares of the Provo, Utah-based company rose to $37.23 in extended trade. They closed at $32.06 Thursday on Nasdaq.

The stock has lost almost 6 percent in value since the company reported fourth-quarter results on February 24.

(Reporting by Sayantani Ghosh and Swati Chitnis; Editing by Unnikrishnan Nair and Gopakumar Warrier)

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