By Yasin Ebrahim
Investing.com - Coupa Software reported Monday third-quarter results that topped Wall Street, led by growth in subscriptions amid ongoing demand.
Coupa Software (NASDAQ:COUP) fell more than 8% in after-hours trading following the news.
Third quarter EPS was 31 cents, up from 18 cents a year earlier as revenue improved to 40% year-over-year to $185.8 million from $133 million. Wall Street was expecting Q3 EPS of 2 cents on $178.3 million in revenue.
Subscription revenues were $164.7 million, an increase of 40% compared to the same period last year.
"[W]e are seeing strong adoption of the Coupa platform as our customers continue to prioritize Business Spend Management as a fundamental aspect of their go-forward strategy," the company said.
Looking ahead to Q4, EPS was guided in a range of 3 cents to 5 cents on revenue of $185.0 million to $186.0 million. That compared with consensus' estimates for loss of 5 cents per share on revenue of $184.2 million.
For fiscal 2022, EPS was expected between 66 cents and 69 cents on revenue of $717 million to $718 million. Wall Street forecast EPS of 30 cents per share on revenue of $707.7 million.