Ancestry.com Inc reported quarterly results above market expectations today and raised its full-year revenue outlook. The growth was fueled by strong subscriber additions.
The company said that subscribers grew 33 percent to 1.6 million at the end of the first quarter. Its mobile application for Apple Inc's mobile devices reached a total of one million downloads last week, boosted by over 400,000 downloads in the first quarter alone.
The company raised its full-year revenue outlook range by $25 million to $395-$400 million and forecast second-quarter revenue of $98-$100 million. Analysts on an average were looking for second-quarter revenue of $92.2 million.
Separately, the company said it will buy back up to $125 million of shares.
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