Shares of Olo Inc. (OLO) surged 8.95% in intraday trading on Thursday, as the restaurant technology company reported first-quarter financial results that surpassed analyst expectations. Olo, which provides digital ordering and delivery solutions for the restaurant industry, saw its stock price climb on the back of strong performance metrics.

For the first quarter, Olo reported revenue of $80.7 million, significantly beating the IBES estimate of $77.4 million. The company's adjusted net income came in at $11.8 million, also surpassing the analyst forecast of $10.4 million. Additionally, Olo's adjusted operating income stood at $11.5 million, comfortably exceeding the IBES estimate of $8.63 million.

These impressive results demonstrate Olo's continued growth and increasing profitability in the competitive restaurant technology sector. The company's ability to outperform expectations, especially in terms of revenue and adjusted earnings, suggests strong demand for its digital solutions and effective execution of its business strategy. Investors appear to be reacting positively to Olo's financial performance, viewing it as a sign of the company's potential for sustained growth in the evolving landscape of restaurant technology.