RTTNews | Jun 8, 2021 10:44AM EDT

10:44 Tuesday, June 8, 2021 (RTTNews.com) - Shares of Coupa Software Inc. (COUP) slipped nearly 8% on Tuesday morning after the cloud-based business provider reported its first-quarter results.

COUP is currently trading at $218.23, down $18.50 or 7.81%, on the NASDAQ.

First-quarter loss widened to $100.4 million or $1.38 per share from $14.8 million or $0.23 per share last year. Adjusted earnings were $0.07, down from $0.20 per share last year. Analysts polled by Thomson Reuters expected a loss of $0.19 per share for the quarter.

Revenues for the quarter jumped 40% to $166.9 million from $119.2 million last year.

Rob Bernshteyn, Chairman, and CEO of the company said, "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."

Looking forward to the second quarter, the company expects adjusted earnings of $0.05 to $0.07 per share and revenues of $162.0 million to $163.0 million. Analysts currently estimate a loss of $0.09 per share on revenues of $161.6 million.

For the full year 2022, revenues are expected to be $681.0 million to $684.0 million and adjusted earnings of $0.14 to $0.20 per share. Analysts currently estimate a loss of $0.25 per share on revenues of $679.21 million.

Separately, Coupa Software announced the appointment of Todd Ford to president of finance and operations. In addition, Tony Tiscornia was promoted to chief financial officer, reporting to Ford. Both positions are effective immediately.

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