Coupa Software Inc. (NASDAQ: COUP), a spend management software firm whose products include a contingent workforce VMS, reported revenue rose 39.7% in its fiscal third quarter ended Oct. 31.
The San Mateo, California-based company announced it added a number of new customers during the quarter, such as Angi, Aptim Holdings, Atr, Capsida Biotherapeutics, Compass Minerals International, Covetrus and DEVK Versicherungen.
| (US$ thousands) | Q3 2022 | Q3 2021 | % change |
| Revenue | $185,816 | $132,964 | 39.7% |
| Gross profit | $108,196 | $82,177 | 31.7% |
| Gross margin | 58.2% | 61.8% | |
| Net loss | ($88,038) | ($60,798) | nm |
“We delivered another strong quarter with record revenue and profitability,” said Chairman and CEO Rob Bernshteyn. “As demonstrated by our third-quarter results, we are seeing strong adoption of the Coupa platform as our customers continue to prioritize business spend management as a fundamental aspect of their go-forward strategy.”
Coupa forecast fourth-quarter revenue to rise between 13.1% and 13.7% to between $185.0 million and $186.0 million. For the full fiscal year 2022, it forecasts revenue to rise between 32.4% and 32.6% to between $717.0 million and $718.0 million.
Share price and market cap
Shares in Coupa were up 0.59% to $175.12 as of 12:11 p.m. Eastern time; they were 7.83% above their 52-week low of $162.41, set on Monday, according to FT.com. The company had a market cap of $12.89 billion.