This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEC3B0CQ_M.jpg
Shares of Coupa Software (NASDAQ:COUP) are trading over 12% higher in premarket Wednesday after the software company delivered a beat-and-raise quarter.
Coupa reported earnings per share of $0.20 on revenue of $211 million to crush the average analyst estimate of $0.09 in EPS on revenue of $203.83 million.
“We’re proud of our results this quarter. We delivered record revenues, strong growth in our subscription calculated billings, and we continue to deliver strong cash flows and profitability on a Non-GAAP basis,” said Rob Bernshteyn, chairman and CEO of Coupa.
For this quarter, COUP is looking for EPS in the range of $0.08 – $0.10, better than the consensus of $0.06. Revenue is seen in the range of $211 – $214 million, lower than the consensus of $214 million.
For the full year of 2023, the software company expects EPS in the range of $0.37 – $0.44, easily beating the consensus of $0.26. The midpoint of the outlook range for FY revenue of $841 million came in slightly ahead of the consensus of $840.3 million.
Coupa Software announced that its Board of Directors authorized a share repurchase program of up to $100 million.
A Needham & Company analyst said the results were “solid” while the guidance may prove to be conservative.
“We remain positive on COUP given the opportunity for re-accelerating growth in FY24 as the pipeline remains strong for the company both domestically and internationally,” the analyst told clients in a note.
A Wells Fargo analyst also weighed in positively on the results.
“We view FQ2 results as a step in the right direction for COUP, but still see elevated uncertainty ahead for 2H (inc. the increasingly important seasonally strong FQ4 billings period), and expect COUP shares will remain volatile until consistent signs of recovery (and growth improvement) take shape,” the analyst wrote in a note.
