Concur Technologies, Inc. (CNQR), a global company providing integrated travel and expense management solutions, recently released its preliminary results for second quarter of fiscal 2013. Concur revealed that its revenue expectation for the short run has been lowered for the current quarter, although it anticipates that there would be a recovery during the second half of the year. The primary reason attributable for the decline was higher demand that has resulted in longer implementation cycles for its customers.
Earlier, Concur had expected year over year revenue growth of approximately 19%. But presently, the company expects a revenue growth of 17.5%. However, the non-GAAP pre-tax earnings are expected to be in line with its expectations. It will report its full financial results for the quarter on May 1.
Concur’s bookings have almost doubled in the quarter year over year. This was driven by strong demand in both the public and private sectors. The strong bookings have resulted in longer implementation cycles in the short term. This in turn is expected to impact short-term revenue growth of the company. Revenue for the third quarter of fiscal 2013 is estimated to be over 139 million, representing about 23% growth over the prior-year period.
This news release of increased bookings lifted the share price of the company to $67.63 on Apr 15, 2013 which was 2.8% higher compared with its previous day close of $65.79. Its stock is near the upper-end of its 52-week trading range of $53.33 to $76.15.
Concur currently holds a Zacks Rank #3 (Hold). Other notable players in the industry include NQ Mobile Inc.(NQ), Pegasystems Inc.(PEGA) and Netsol Tech Inc. (NTWK), each having a Zacks Rank #1 (Strong Buy).
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