Shares of Coupa Software (NASDAQ: COUP) rose on Wednesday after the cloud software provider reported its second-quarter results. Revenue and earnings soared, easily beating analyst expectations, and the company raised its guidance for the full year. The stock was up about 11.5% at 11:40 a.m. EDT today.
Coupa reported second-quarter revenue of $95.1 million, up 54% year over year and about $9.8 million higher than the average analyst estimate. Subscription revenue rose 51% to $83.5 million, while quarterly calculated billings grew 57% to $107.7 million.
Image source: Getty Images.
In remarks included in the earnings release, CEO Rob Bernshteyn said: "These results demonstrate our continued momentum in delivering measurable and repeatable value to our customers. By extending our leadership standing in Business Spend Management (BSM), we feel well positioned on our path to $1 billion in revenue."
The company lost $0.32 per share under generally accepted accounting principles (GAAP), down from a loss of $0.24 per share in the prior-year period. Non-GAAP (adjusted) earnings per share came in at $0.07, up from $0.05 in the prior-year period and $0.18 higher than analysts were expecting.
On top of beating analyst estimates, Coupa raised its guidance for the full year:
$369 million to $372 million
$342 million to $344 million
$0.11 to $0.16
$0.07 to $0.10
Data source: Coupa Software.
For the third quarter, Coupa expects revenue between $95.5 million and $96.5 million, and non-GAAP EPS between $0.05 and $0.08.
With growth coming in ahead of expectations in the second quarter, the market was happy to keep the stock moving higher. Shares are now up more than 130% in 2019.
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This article was originally published on Fool.com