Why Are Cardlytics (CDLX) Shares Shooting Upwards Today? - Cardlytics (NASDAQ:CDLX)

Cardlytics, Inc CDLX shares are up over 30% on Tuesday morning following its raised guidance for the first quarter that ended March 31, 2023.
The company increased its first-quarter revenue outlook to $63.5 million - $66.5 million, up from $54.0 million - $63.0 million (consensus $57.94 million).
Cardlytics raised its Q1 billings to $93.0 million - $97.0 million, up from the previous $84.0 million - $93.0 million.
The company now expects a Q1 adjusted EBITDA loss of $(8.0) million - $(5.0) million versus the prior $(17.0) million - $(10.0) million.
"Despite a difficult macroeconomic environment, our shift to a product-led operating structure is already yielding positive results," said Cardlytics CEO Karim Temsamani. "Our improved topline guidance is driven by better-than-expected growth in the US business and the product optimizations discussed on our last earnings call. Additionally, our rigorous approach in managing our cost structure, including implementing $3.5 million of one-time savings during the first quarter, has positioned the business to exceed the high end of our previously announced Adjusted EBITDA range."
Price Action: CDLX shares traded higher by 30.43% at $4.50 on the last check Tuesday.

Why Are Cardlytics Shares Shooting Upwards Today?