RTTNews | Sep 7, 2021 05:00PM EDT

16:59 Tuesday, September 7, 2021 (RTTNews.com) - Shares of Coupa Software Inc. (COUP) gained over 12% in extended trading session on Tuesday after the company reported its second-quarter results, with both earnings and revenues beating Street view.

Second-quarter loss widened to $91.5 million or $1.24 per share from $43.1 million or $0.64 per share last year.

Adjusted profit for the quarter rose to $20.3 million or $0.26 per share from $15.2 million or $0.21 per share last year. Analysts polled by Thomson Reuters expected a loss of $0.06 per share. Analysts' estimates typically exclude one-time items.

Revenues for the second quarter surged 42% to $179.2 million from $125.9 million last year. Subscription revenues were $156.2 million, an increase of 40% compared to the same period last year. Analysts had a consensus revenue estimate of $162.96 million for the quarter.

Commenting on the results, CEO Rob Bernshteyn, said, "We are proud to report another fantastic quarter where we delivered record revenue, strong calculated billings growth, and our third year of consecutive quarterly non-GAAP profitability. Digitizing and optimizing back-office operations is being prioritized as a key strategic initiative for our customers, and the Coupa platform is critical for their ability to develop agility and adaptability in these rapidly changing times."

Looking forward to the third quarter, the company expects revenues of $177.0 million to $178.0 million and adjusted earnings of $0.01 to $0.03 per share. Analysts currently estimate a loss of $0.08 per share on revenues of $168.77 million.

For the full year 2022, the company expects revenues of $706.0 million to $708.0 million and adjusted earnings of $0.27 to $0.29 per share. Analysts currently estimate a loss of $0.15 per share on revenues of $687.24 million.

COUP closed Tuesday's trading at $263.33, up $1.42 or 0.54%, on the Nasdaq. The stock further gained $32.97 or 12.52% in the after-hours trading.

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