05:55 PM EDT, 05/06/2024 (MT Newswires) -- Varonis Systems ( VRNS ) reported Q1 net loss late Monday of $0.37 per diluted share, widening from a loss of $0.35 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.39.

Revenue for the quarter ended March 31 rose to $114 million from $107.3 million a year earlier. Analysts surveyed by Capital IQ expected $113.7 million.

For Q2, the company expects a non-GAAP net loss of $0.03 to $0.02 per diluted share on revenue of $123 million to $126 million. Analysts polled by Capital IQ expect a loss of $0.01 per share on revenue of $125.6 million.

For 2024, Varonis ( VRNS ) said it expects non-GAAP EPS of $0.13 to $0.16 on revenue of $622 million to $628 million, compared with the previous outlook of $0.11 to $0.13 non-GAAP EPS on revenue of $536 million to $546 million. Analysts are looking for normalized EPS of $0.13 on revenue of $542.1 million.

The company's shares were up 2% in after-hours activity.

Price: 45.50, Change: +0.91, Percent Change: +2.04