Coupa Software’s Q2 results beat estimates

Coupa Software (NASDAQ: COUP) beat market estimates for revenue and earnings in the second quarter of 2020, sending shares soaring over 10% in aftermarket hours on Tuesday. Analysts had projected a loss of $0.10 per share on revenue of $85 million.  

Total revenue of $95.1 million was up 54% from the same period last year. GAAP net loss was $20 million, or $0.32 per share, compared to $13.9 million, or $0.24 per share last year. Adjusted net income was $5.3 million, or $0.07 per share.

Subscription revenues grew 51% year-over-year to $83.5 million. Professional services and other revenues jumped 87% to $11.6 million. Quarterly calculated billings rose 57% year-over-year to $108 million.

Also see: Coupa Q2 2020 Earnings Preview

Rob Bernshteyn, Chairman and Chief Executive Officer said, “By extending our leadership standing in Business Spend Management (BSM), we feel well positioned on our path to $1 billion in revenue.”

For the third quarter of 2020, total revenues are expected to be $95.5-96.5 million and adjusted EPS is expected to be $0.05-0.08. Subscription revenues are expected to be $86-87 million while Professional services and other revenues are expected to be approx. $9.5 million.

For the full year of 2020, revenues are expected to be $369-372 million and adjusted EPS is expected to be $0.11-0.16.

Coupa had recently forged partnerships with PayPal (NASDAQ: PYPL) and Citigroup (NYSE: C) with a focus on making business payments more efficient. The company had also last month acquired contract lifecycle management solutions firm Exari to integrate into its BSM platform. 

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