Riskified Ltd. (NYSE:RSKD) reported better-than-expected first-quarter financial results on Wednesday.

Riskified reported quarterly earnings of 4 cents per share which beat the analyst consensus estimate of 2 cents per share. The company reported quarterly sales of $76.41 million which beat the analyst consensus estimate of $75.15 million, according to data from Benzinga Pro.

"Our commitment toward profitable growth has yielded exceptional results, as evidenced by two consecutive quarters of positive Adjusted EBITDA. As we look ahead, we remain encouraged by the vast opportunities in front of us, and our ability to help the world's largest eCommerce companies unlock their business goals in the face of the ever-expanding threats of fraud and policy abuse," said Eido Gal, Co-Founder and Chief Executive Officer of Riskified.

Riskified's board also authorized the repurchase of up to $75 million of its ordinary shares.

Riskified reiterated its FY24 revenue outlook of $323 million to $335 million. The company sees adjusted EBITDA between $12 million and $18 million.

Riskified shares jumped 15.3% to close at $6.18 on Wednesday.

These analysts made changes to their price targets on Riskified after the company reported quarterly results.

• Piper Sandler raised the price target on Riskified from $7 to $8. Piper Sandler analyst Clarke Jeffries maintained an Overweight rating.
• Truist Securities increased Riskified price target from $7.5 to $8. Truist Securities analyst Terry Tillman reiterated a Buy rating.
• JP Morgan boosted the price target on Riskified from $6 to $7. JP Morgan analyst Reginald Smith maintained a Neutral rating.

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