Procore Technologies Inc ( (PCOR) ) has released its Q4 earnings. Here is a breakdown of the information Procore Technologies Inc presented to its investors.
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Procore Technologies, Inc. is a leading global provider of construction management software, offering innovative solutions that enable stakeholders in the construction industry to manage projects efficiently. The company focuses on providing accurate data and transformative technology to improve construction operations worldwide.
Procore Technologies recently reported its financial results for the fourth quarter and full year of 2024, surpassing revenue expectations and demonstrating strong market momentum. The company highlighted significant transactions with large clients, indicating a robust market position and customer confidence in their offerings.
In the fourth quarter of 2024, Procore achieved a revenue of $302 million, marking a 16% increase compared to the previous year. The company’s non-GAAP gross margin stood at 85%, and it reported a non-GAAP operating margin of (1%), showing continued focus on improving operational efficiency. For the full year, Procore’s revenue reached $1.152 billion, a 21% increase year-over-year, with a non-GAAP operating margin of 10%. The company also saw a substantial increase in the number of high-revenue-generating customers, reflecting successful customer retention and expansion strategies.
Looking ahead, Procore is optimistic about its growth trajectory for 2025. The company anticipates revenue growth in the range of 12% for both the first quarter and the full year of 2025. Additionally, Procore aims to further improve its non-GAAP operating margins, targeting between 7% to 8% for Q1 2025 and 13% to 13.5% for the entire year. Management remains committed to enhancing profitability while continuing to innovate and expand their product offerings.
