Published on 7 Sep 2022 on Zacks via Yahoo Finance
Coupa Software Incorporated COUP reported solid second-quarter fiscal 2023 results with record revenues and healthy momentum in the subscription business. Both the bottom line and top line beat respective estimates. The healthy results were backed by Coupa providing companies with visibility and control over their business spending, resiliency in back-office operations and aiding in making strategic and data-driven decisions to yield positive outcomes for their business.
Quarter Details
GAAP net loss in the quarter was $75.3 million or a loss of 99 cents per share compared with a net loss of $91.5 million or a loss of $1.24 per share in the prior-year quarter. Non-GAAP net income during the quarter was $16.5 million or 20 cents per share compared with $20.3 million or 26 cents per share in the prior-year quarter, beating the Zacks Consensus Estimate by 11 cents.Revenues were record high at $211.1 million compared with $179.2 million in the prior-year quarter, beating the Zacks Consensus Estimate of $203 million. The growth was backed by the strong performance in the North America enterprise market, with more customers preferring its ROI-driven business spend management platform to optimize their spend.Subscription revenues were record high at $192.7 million compared with $156.2 million, backed by the strengthening of the U.S. dollar against the euro. Professional services revenues during the quarter were $18.4 million compared with $23 million in the year-earlier quarter.