LOS ANGELES (AP)--The Rubicon Project Inc. (RUBI) on Tuesday reported first-quarter net income of $2.3 million, after reporting a loss in the same period a year earlier.

The Los Angeles-based company said it had net income of 5 cents per share. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, came to 31 cents per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.

The digital ad exchange operator posted revenue of $63.6 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $59.3 million.

For the current quarter ending in July, The Rubicon Project expects its per-share earnings to range from 8 cents to 10 cents.

The company said it expects revenue in the range of $61 million to $64 million for the fiscal second quarter.

The Rubicon Project expects full-year earnings in the range of 75 cents to 85 cents per share, with revenue ranging from $275 million to $295 million.

The Rubicon Project shares have climbed 20 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $19.69, an increase of slightly more than 8 percent in the last 12 months.

--Associated Press