Shares of Olo Inc. (OLO) soared 8.95% in intraday trading on Thursday, following the release of the company's first-quarter financial results that significantly exceeded analyst estimates. The strong performance demonstrates investor confidence in Olo's growth trajectory and financial health.

Olo reported impressive Q1 figures across multiple financial metrics. The company's revenue reached $80.7 million, surpassing the IBES estimate of $77.4 million. Additionally, Olo's adjusted net income came in at $11.8 million, beating the expected $10.4 million. The adjusted operating income was particularly strong at $11.5 million, considerably higher than the IBES estimate of $8.63 million.

These better-than-expected results highlight Olo's ability to execute its business strategy effectively and grow its market share in the digital ordering and delivery solutions sector for restaurants. The substantial beat on both top and bottom lines suggests that Olo is successfully navigating the competitive landscape and potentially gaining momentum in the post-pandemic environment, where digital solutions for the restaurant industry remain crucial.