Shares of advertising technology firm Rubicon Project of Playa Vista rallied Wednesday after the company reported higher revenue that a year ago. The stock was also upgraded by two analysts.

Rubicon, which operates an online advertising exchange, reported after the close of the markets Tuesday a first quarter net loss of $6.1 million (-59 cents), compared with a net loss of $2.2 million (-28 cents) the same period last year before the company went public. Revenue was $23 million, up 39 percent.

It was Rubicon’s first earnings report following last month’s initial public offering.

Analysts at Oppenheimer and RBC Capital Markets also upgraded Rubicon stock to outperform on Wednesday.

Shares rose 12 percent to $12.68 in Wednesday trading on the New York Stock Exchange. The stock is down 37 percent from the closing price of $20.09 on April 2, the first day of trading.