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.
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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