Coupa Software (COUPA, $72.78) fiscal Q1 earnings beats Zacks Consensus Estimate

Coupa Software posted fiscal first quarter earnings that surpassed Zacks Consensus Estimate.

Non-GAAP net income during the quarter came in at 8 cents per share, exceeding  the Zacks Consensus Estimate by 3 cents.

Revenues grew +17.6% from the year-ago quarter to $196.4 million, also topping the Zacks Consensus Estimate of $196 million. Growth was bolstered by strength in Antares app, which provides customers with the flexibility to access supplier risk at the time of sourcing, monitoring third-party data and providing instant visibility to supplier risk scores.

Subscription revenues climbed 27.4% from the year-ago quarter to $178.5 million, on the back of strengthening of the U.S. dollar against the euro. Professional services revenues, however, plunged by 33.2% from the year-ago quarter to  $17.9 million.

For second-quarter fiscal 2023, Coupa Software expects total revenues in the range of $202-$205 million. Subscription revenues are estimated to be be in the range of $185-$188 million and professional services and other revenues are expected to be approximately $17 million. The company projects non-GAAP earnings to be in the range of 7-10 cents per share.

For fiscal full-year 2023, the company boosted its outlook for revenues to $838-$848 million from $836-$840 million. It expects subscription revenues to be in the range of $762-$767 million, and  professional services and other revenues to be approximately $76 million. It predicts non-GAAP earnings to be in the range of 21-27 cents per share.