ACV Auctions Inc. (ACVA) shares are soaring more than 8% in Thursday's trading session following the company's impressive first-quarter earnings report that significantly exceeded analyst expectations. The online automotive marketplace provider demonstrated a remarkable turnaround in its financial performance, surprising investors with positive earnings per share.

For the quarter ended March 31, ACV Auctions reported adjusted earnings of 4 cents per share, a substantial improvement from the loss of 12 cents per share in the same period last year. This result dramatically outperformed the mean analyst expectation of a 12-cent loss per share. The company's revenue also impressed, rising 25.4% year-over-year to $182.7 million, slightly above the analyst consensus of $182.07 million.

Adding to the positive sentiment, ACV Auctions provided an optimistic outlook for the second quarter, projecting revenue between $193 million and $198 million. The company also reiterated its full-year 2025 revenue guidance of $765 million to $785 million, aligning with analyst expectations. Furthermore, Needham maintained its price target for ACV Auctions at $25.00 per share, reinforcing confidence in the stock's potential. The strong quarterly performance, coupled with upbeat future guidance, has clearly resonated with investors, driving the significant uptick in ACV Auctions' stock price.