Shares of Coupa Software Incorporated (COUP) slipped over 9% in extended trading session on Monday after the software company reported its third-quarter results.
Third-quarter loss widened to $91.2 million or $1.23 per share from $60.8 million or $0.88 per share last year.
Adjusted profit for the quarter rose to $23.5 million or $0.31 per share from $13.0 million or $0.18 per share last year. Analysts polled by Thomson Reuters expected a earnings of $0.02 per share. Analysts' estimates typically exclude one-time items.
Revenues for the third quarter surged 40% to $185.8 million from $133.0 million last year. Subscription revenues were $164.7 million, an increase of 40% compared to the same period last year. Analysts had a consensus revenue estimate of $178.34 million for the quarter.
Commenting on the results, CEO Rob Bernshteyn, said, "We delivered another strong quarter with record revenue and profitability. As demonstrated by our third quarter results, we are seeing strong adoption of the Coupa platform as our customers continue to prioritize Business Spend Management as a fundamental aspect of their go-forward strategy. With the fourth quarter well under way, we continue to leverage our Value-as-a-Service approach to add strategic customers across many industries and of all sizes."
Looking forward to the fourth quarter, the company expects revenues of $185.0 million to $186.0 million and adjusted earnings of $0.03 to $0.05 per share. Analysts currently estimate a loss of $0.06 per share on revenues of $184.23 million.
For the full year 2022, the company now expects revenues of $717.0 million to $718.0 million and adjusted earnings of $0.66 to $0.69 per share. Analysts currently estimate an earnings of $0.32 per share on revenues of $708.67 million.
Previously, the company expected revenues of $706.0 million to $708.0 million and adjusted earnings of $0.27 to $0.29 per share.
COUP closed Monday's trading at $174.10, up $3.36 or 1.97%, on the Nasdaq. The stock, however, slipped $16.14 or 9.27% in the after-hours trading.
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