Why Shares of Avalara Surged Today

Shares of Avalara (NYSE: AVLR) rose on Thursday after the tax compliance automation provider reported its second-quarter results. Surging revenue beat analyst expectations, and the company posted a smaller-than-expected net loss. The stock was up about 11.9% at 12:55 p.m. EDT.

Avalara reported second-quarter revenue of $91.3 million, up 42% year over year and about $6.7 million above the average analyst estimate. Subscription revenue jumped 42% to $85.0 million, while professional services revenue was up 56% to $6.3 million.

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