Amplitude, Inc. (AMPL) stock surged 20.21% in pre-market trading on Thursday, following the company's impressive second-quarter earnings report that exceeded analyst expectations. The digital analytics platform provider demonstrated robust growth and improving financial performance, which has reignited investor confidence in the stock.

For the quarter ended June 30, Amplitude reported adjusted earnings of 1 cent per share, meeting the mean expectation of analysts. More notably, the company's revenue rose 13.6% year-over-year to $83.27 million, surpassing the Wall Street consensus estimate of $81.33 million. This revenue beat showcases Amplitude's ability to grow its customer base and expand its market share in the competitive digital analytics space.

The strong quarterly results have bolstered analyst confidence in Amplitude's future prospects. The current average analyst rating on the shares is "buy," with 6 out of 10 analysts recommending either "strong buy" or "buy." Wall Street's median 12-month price target for Amplitude stands at $15.00, representing an 18.5% upside from its last closing price. With the company's consistent performance in beating or meeting earnings estimates over the past four quarters, investors appear optimistic about Amplitude's growth trajectory and market position in the software industry.