Shares of HealthEquity (HQY) jumped 5.04% in after-hours trading on Tuesday following the release of its better-than-expected first-quarter results and an upward revision to its full-year guidance.

The health savings account (HSA) custodian reported adjusted earnings of $0.97 per share for the quarter ended April 30, significantly beating analyst estimates of $0.88. This represents a 21.25% increase from $0.80 per share in the same period last year. Revenue also exceeded expectations, coming in at $330.8 million, up 15.02% year-over-year and surpassing the analyst consensus of $321.17 million.

HealthEquity's strong performance was driven by a 9% year-over-year increase in HSAs under management and a 15% jump in total assets held in these accounts, reaching $31.3 billion. In light of these results, the company raised its full-year outlook. HealthEquity now expects adjusted earnings of $3.61 to $3.78 per share for the fiscal year, up from its previous guidance. The company also increased its annual revenue forecast to $1.29 billion to $1.31 billion, adding $100 million to the low end of its prior outlook. The revised guidance reflects management's confidence in the company's growth trajectory and operational efficiency.