Coupa shares are trading a wee bit higher after the cloud-based software shop posted better-than-expected results for its fiscal Q3 ending Oct. 31. For the quarter, Coupa [$COUP] posted revenue of $133 million, up 31% from 2019, surpassing the consensus of $124 million. Adjusted, non-GAAP profits were 18 cents a share, well ahead of the Street at 3 cents. Billings were $140 million, up 33%.
The pandy has triggered demand for digital payment offerings. This is predicted to have added momentum in solutions such as Coupa Pay, Accelerate, Invoice payments and Virtual Cards for Pos, and likely contributed to the fiscal Q3 top line. Notably, the company has extended these solutions to partners like American Express [$AXP], Citibank [$C], Transfermate, Stripe, and PayPal [$PYPL]. This is expected to have boosted its clientele.
Also, during the quarterly review, Coupa Software collaborated with American Express to enable businesses across the globe to use American Express virtual card payment option with Coupa Pay.
In January, Coupa saw revenue of $145 million to $146 million, ahead of the Street at $130 million, with a non-GAAP loss of 11 to 13 cents a share. For the full year, Coupa sees revenue of $523 million to $524 million, with a non-GAAP profits of 47 to 49 cents a share; the Street consensus had been $500.5 million and 45 cents.
“We were very pleased to deliver over 30% YOY billings growth, as well as another quarter of record revenue,” CEO Rob Bernshteyn stated. “As we approach the end of the year with a focus on resilience and long-term market dominance, we continue to be assertive in expanding our comprehensive Business Spend Management platform to address all spend, unlocking value and profitability for the ever-growing set of customers in our community.”