Cardlytics’ stock soars 80% to log best day on record after company boosts forecast

The company also expects $93 million to $97 million in bookings, which take into account consumer incentives. Cardlytics, which works with financial institutions to help run customer-loyalty programs, gave an earlier bookings forecast of $84 million to $93 million for the quarter.

“Despite a difficult macroeconomic environment, our shift to a product-led operating structure is already yielding positive results,” Chief Executive Karim Temsamani said in a release. “Our improved top-line guidance is driven by better-than-expected growth in the U.S. business and the product optimizations discussed on our last earnings call.”

Cardlytics shares were up about 80% in Tuesday’s action and easily posted their largest single-day percentage gain on record. They also rose for the fifth straight session.

Cardlytics’ stock is up 8.5% so far this year, though it’s declined 89% over a 12-month span.

The updated outlook seems the result of “good execution,” Needham analyst Kyle Peterson wrote in a note to clients.

“We are encouraged by improved fundamentals and raising our estimates across the board in response to the positive update,” he said. “While we believe there could be some choppiness in CDLX’s recovery if macro conditions remain volatile, we commend the strong execution and continue to believe that CDLX is on the right path towards generating strong and sustainable organic growth.”

Management also now anticipates a $5 million to $8 million loss on the basis of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), while its previous outlook called for a $10 million to $17 million loss on the metric.

Temsamani noted Cardlytics’ “rigorous approach in managing [its] cost structure,” which involved “implementing $3.5 million of one-time savings during the first quarter.”

See also: Cardlytics seeks new CFO after current one announces resignation