Mulesoft Beats In Post-IPO Earnings Report, Sending Shares Higher

Mulesoft Inc. beat Wall Street's expectations with its first quarterly earnings report since a big initial public offering earlier this year, and shares rose in late trading. Mulesoft, which focuses on integration software commonly known as APIs, reported a first-quarter net loss of $10.1 million, or 27 cents a share, on sales of $60.9 million. After adjustments for stock-based compensation and other effects, the company claimed a loss of 6 cents a share. Analysts on average expected Mulesoft to report adjusted losses of 11 cents a share on sales of $58 million, according to FactSet. Mulesoft also beat analysts' expectations with its second-quarter and full-year forecasts for both profit and revenue. Mulesoft went public in March and spiked more than 40% on its first day, but the rising valuation scared analysts and shares have calmed down in recent weeks. After closing with a 1.3% gain Thursday at $21.98, shares jumped about 3.5% in after-hours trading after the report was released.