Shares of Coupa Software Inc. (COUP) gained over 13% in extended session on Tuesday after the company’s second quarter results trumped Wall Street estimates and issued a strong outlook for the third quarter and full year 2023.
Second-quarter net loss was $75.3 million or $0.99 per share, compared to $91.5 million or $1.24 per share last year.
On an adjusted basis, net income was $16.5 million or $0.20 per share, compared to $20.3 million or $0.26 per share in the same period last year. Analysts polled by Thomson Reuters expected earnings of $0.09 per share for the quarter.
Revenues for the quarter jumped 18% to $211.1 million from $179.2 million last year. Analysts had a consensus revenue estimate of $204.02 million for the quarter.
“We’re proud of our results this quarter. We delivered record revenues, strong growth in our subscription calculated billings, and we continue to deliver strong cash flows and profitability on a Non-GAAP basis,” said Rob Bernshteyn, chairman and chief executive officer at Coupa.
Looking forward to the third quarter, revenues are expected to be $211.0 million to $214.0 million and $0.08 to $0.10 per share. Analysts currently estimate earnings of $0.06 per share and revenues of $214.06 million for the quarter.
For the full year 2023, the company now expects revenues of $838.0 million to $844.0 million and $0.37 to $0.44 per share. Analysts currently estimate earnings of $0.26 per share and revenues of $840.31 million for the year.
Previously, the company had projected full year revenues of $838 million to $843 million and adjusted earnings of $0.21 to $0.27 per share.
COUP closed Tuesday’s trading at $55.82, down $1.16 or 2.04%, on the Nasdaq. The stock further gained $7.52 or 13.47% in the after-hours trading.
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