Coupa Software Inc. shares rose 13% to $63.1 in after-hours trading Tuesday after the company raised its outlook following better-than-expected results in the latest quarter.
The cloud-based business spend management platform guided for revenue between $211 million to $214 million and adjusted earnings per-share between 8 cents to 10 cents in the third quarter. Analysts polled by FactSet expected $214.1 million in revenue and adjusted earnings of 6 cents a share.
The company raised its fiscal 2023 outlook. Coupa said it now expects revenue between $838 million to $844 million and adjusted earnings per-share between 37 cents to 44 cents, up from its prior guidance of revenue between $838 million to $843 million and adjusted earnings per-share between 21 cents to 27 cents.
Coupa said its board authorized a share repurchase program of up to $100 million of its common stock. The program is currently set to expire on Sept. 1, 2023.
The stronger forecast comes as the San Mateo, Calif.-based company narrowed its loss and posted better-than-expected revenue in the latest quarter.
Coupa recorded a loss of $75.3 million on revenue of $211.1 million in the second quarter ended July 31 from a loss of $91.5 million on revenue of $179.2 million a year earlier.