Coupa Software (Nasdaq: COUP) reported an adjusted loss of 3 cents per share on revenue of $81 million for the first quarter of fiscal 2020. Analysts had expected Coupa to post a loss of 4 cents per share on revenue of $73.8 million. COUP stock, which closed down 6.16% at $102.48, was up about 5% in the extended hours of trading.
The revenue increase of 44% compared to the year-ago period was driven by subscription revenue growth of 46%. GAAP net loss was $20.5 million or $0.34 per share compared to a loss of $15.5 million or $0.28 per share in the same period last year. For the first quarter of fiscal 2020, revenue and adjusted EPS came in line with the company’s targets.
For the second quarter of 2020, the San Mateo, California-based firm expects the non-GAAP loss to be between $0.10 and $0.12 per share and revenue is expected to be between $84.5 million and $85.5 million. Subscription revenues are expected to be between $77 million and $78 million. Professional services and other revenues are expected to be approximately $7.5 million.
Coupa lifted its outlook for the fiscal year 2020. The company now projects adjusted earnings to be in the range of $0.07 to $0.10 per share versus the prior estimate of $0.04 to $0.10. The prior revenue gudiance range of $325 million to $327 million is now upped to a range of $342 million and $344 million.
“In the first quarter, we delivered strong financial results, including record quarterly total revenues, subscription revenues, and calculated billings, as we continued to execute on our business plan and further solidify our position as the clear leader in Business Spend Management,” said CEO Rob Bernshtey.
Coupa Software stock, which reached a new 52-week high ($116.13) on May 22, had returned 61% since the beginning of 2019 and 87% in the trailing 12 months.