10:12 AM EDT, 05/07/2024 (MT Newswires) -- Thoughtworks Holding ( TWKS ) shares were up 20% in recent Tuesday trading after the company reported Q1 financial results and named a new chief executive officer.

The company said it swung to Q1 adjusted loss of $0.02 per diluted share from earnings of $0.03 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.02.

Revenue for the quarter ended March 31 was $248.6 million, compared with $307.1 million a year earlier.

Analysts surveyed by Capital IQ expected $243.3 million.

For Q2, Thoughtworks ( TWKS ) said it expects net income to range from a loss of $0.01 to adjusted earnings of $0.01 per diluted share. Analysts expect normalized EPS of $0.02. Revenue for the quarter is expected to be $250 million to $255 million, the company said. Analysts expect $243.1 million.

For 2024 full year, the company said it now expects adjusted EPS in the range of $0.02 to $0.08, compared with its prior outlook of $0.01 to $0.06. Analysts surveyed by Capital IQ expect $0.05. Revenue for the year is now expected to be in the range of $995 million to $1.02 billion, compared with $980 million to $1.01 billion previously, the company said. Analysts surveyed by Capital IQ expect $987.9 million.

Separately, Thoughtworks ( TWKS ) said its board has named Mike Sutcliff as CEO, starting June 17. Sutcliff will succeed Guo Xiao, who is stepping down as CEO and director but will remain as an adviser during the transition period.

Price: 3.03, Change: +0.51, Percent Change: +20.04