Coupa Software’s stock soars 12% on record revenue, strong full-year revenue guidance
Coupa Software Inc.’s. stock
COUP,
initially soared 12% in extended trading Tuesday after the software company reported fiscal second-quarter revenue that exceeded Wall Street analysts’ forecasts, and offered strong full-year revenue guidance. Coupa Software reported a net loss of $75.3 million, or 99 cents a share, compared with a net loss of $91.5 million, or $1.24 a share, in the year-ago quarter. Revenue increased 18% to a record $211.1 million from $179.2 million a year ago. Analysts surveyed by FactSet had expected on average a net loss of $1.17 a share on revenue of $203.8 million. Coupa Software also offered fiscal 2023 revenue guidance of between $838 million and $844 million, at the high end of analyst projections of $840.2 million. Shares of Coupa Software have plummeted 65% this year, while the broader S&P 500 index
SPX,
has declined 18%.
