Coupa Software Inc. (COUP), a company that provides a cloud-based business spend management platform, has plunged 10.68% in aftermarket trading session. As a result, COUP stock is trading at $155.50 at the time of the writing. The sharp decline could be attributed to the announcement of quarterly results. On Monday, COUP stock closed the day at $174.1 after marginally increasing by 1.97% during regular trading hours.
COUP Q3 2022 Operational Results
On Monday, COUP released the operational results for the third quarter of the fiscal year 2022. The quarter ended on 31st October 2021. The company generated total revenue of $185.8 million for the three months against $132.9 million for the same period of fiscal 2021. The total operating expenses for the three months stood at $164.2 million against $115.8 million for the same period of fiscal 2021. The net loss suffered by the company during the quarter was $88 million (or $1.23 per basic and diluted share) against $60.7 million (or $0.88 per basic and diluted share) for the same quarter of fiscal 2021.
Business Outlook
Alongside the operational results, COUP also released the business outlook for the fourth quarter of fiscal 2022. The total revenues are expected to fall in the range of $185 million to $186 million. The non-GAAP income from operations is estimated to stand at $8 million to $10 million. The net income per diluted share (non-GAAP) for the quarter is expected to stand between $0.03 and $0.05 per share.
Executive Commentary
Rob Bernshteyn, chairman and chief executive officer at COUP, while commenting on the results said that the company delivered another strong quarter with record revenue and profitability. He said that the results reflect the strong adoption of the Coupa platform as the customers continue to give a priority to Business Spend Management as a fundamental aspect of their go-forward strategy. He hoped that during the upcoming quarter, the company would continue to leverage the Value-as-a-Service approach to increase its strategic customer base.
Future Outlook for COUP
The last three months have seen COUP decline by a mammoth 33% even though some good news related to stock emerged out during the period. With businesses around the globe under threat from new variants of COVID, especially Omicron, COUP stock could face a difficult time ahead.