RTTNews | Sep 3, 2021 10:40AM EDT

10:40 Friday, September 3, 2021 (RTTNews.com) - Guidewire Software, Inc. (GWRE) shares are rising more than 7 percent on Friday morning trade after the company posted better earnings and revenue for the fourth quarter than the consensus estimates.

The company reported quarterly net loss of $1.03 million or $0.01 per share, compared to net profit of $38.78 million or $0.46 per share in the prior year. However, on adjusted basis, it reported a profit of $0.37 per share that beat the Street estimates of $0.25 per share.

Revenue for the quarter declined to $229.44 million from $243.67 million in the previous year but beat the average estimate of $222.35 million.

For the first quarter the company expects total revenue of $162-$166 million. The Street estimates is for $174.6 million. For the fiscal 2022, revenue projection is between $780 million and $790 million, while analysts look for $769.1 million.

Currently, shares are at $127.44, up 7.60 percent from the previous close.

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