Coupa Software Inc (NASDAQ: COUP) reported its financial results for the second quarter on Tuesday that beat Wall Street estimates. Shares of the company jumped more than 10% in after-hours trading on upbeat guidance for revenue in Q3.
Coupe said it saw $91.5 million of loss in the second quarter that translates to $1.24 per share. In the comparable quarter of last year, it posted $43.1 million of loss or 64 cents per share. On an adjusted basis, its per-share profit came in at 26 cents.
The global technology platform for business spend management generated $179.2 million in revenue versus the year-ago figure of $125.9 million. According to FactSet, experts had forecast $162.9 million in revenue and 6 cents of adjusted per-share loss.
For the fiscal third quarter, Coupa now expects up to $178 million in revenue on 1 cent to 3 cents of non-GAAP net income per diluted share – ahead of the analysts’ forecast. It predicts up to $708 million in total revenues this year and $27 to $29 of per-share earnings.
Other notable figures
Other notable figures in Coupa’s earnings report include an annualised growth of 40% in subscription revenue to $156.2 million. Operating expenses, on the contrary, climbed by 41% in the recent quarter to $154.3 million.
On a year-over-year basis, calculated billings increased 49% to $195 million in Q2. The California-based company valued its operating cash flow and adjusted free cash flow at $41 million and $37 million, respectively, as per the earnings press release.
CEO Rob Bernshteyn’s comments
Commenting on the financial update, CEO Rob Bernshteyn said:
“We are proud to report another fantastic quarter where we delivered record revenue, strong calculated billings growth, and our third year of consecutive quarterly non-GAAP profitability. Digitising and optimising back-office operations is being prioritised as a key strategic initiative for our customers, and the Coupa platform is critical for their ability to develop agility and adaptability in these rapidly changing times.”
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