Coupa Software posted revenue of $166.9 million, up 40% from a year earlier, and ahead of both its own guidance range and the Street consensus.
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Coupa Software stock was trading sharply lower in late trading Monday despite the company reporting better-than-expected results for its fiscal first quarter ended April 30.
Shares of Coupa (ticker: COUP) were down 8.6%, to $216.31, pushing the stock close to its 52-week low. The stock is down about 36% for the year to date.
For the quarter, the spend-management software company posted revenue of $166.9 million, up 40% from a year earlier, and ahead of both its own guidance range of $151.5 million to $152.5 million and the Street consensus of $151.1 million. Non-GAAP profits were 7 cents a share; the company had projected a loss of 18 cents to 21 cents a share.
“During the first quarter, we delivered record revenue, generated meaningful free cash flows, and added dozens of new customers to the Coupa Community,” CEO Rob Bernshteyn said in a statement. “With supply chain disruptions and an emphasis on frugality impacting the way companies approach business spend management, our customers depend on us to help them build the agility and resiliency needed to strategically navigate a challenging but improving economic environment.”
For the second quarter, Coupa projects revenue of between $162 million to $163 million—ahead of the Street consensus of $160 million—with a non-GAAP loss of between 5 cents and 7 cents a share, better than the Street consensus of a 9- cent loss.
For the January 2022 fiscal year, Coupa now sees revenue ranging from $681 million to $684 million, up from a previous forecast range of $675 million to $678 million, with a non-GAAP loss of 14 cents to 20 cents a share, narrower than the previous range of loss of 18 cents to 21 cents a share.
The company also said it has named chief financial officer Todd Ford to the new role of president of finance and operations and has promoted chief accounting officer Tony Tiscornia to CFO. Both moves are effective immediately.
Write to Eric J. Savitz at [email protected]
