Shares of Coupa Software (NASDAQ: COUP) shot up by 12.2% in pre-market trading on Wednesday following upbeat Q2 results. The business spend software company reported revenues of $211.1 million in Q2, up 18% year-over-year and surpassing analysts’ expectations of $218.6 million.
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Adjusted net income was $0.2 per diluted share in line with analysts’ expectations.
Rob Bernshteyn, Chairman and CEO of Coupa Software commented on the results, “We’re proud of our results this quarter. We delivered record revenues, strong growth in our subscription calculated billings, and we continue to deliver strong cash flows and profitability on a Non-GAAP basis”
In Q3, Coupa expects to generate revenues in the range of $211 to $214 million while adjusted EPS is forecasted to range between $0.08 and $0.1 per share.
Coupa’s Board of Directors also approved a stock buyback program of up to $100 million.
Is COUP Stock a Buy?
Analysts remained sidelined about COUP with a Hold consensus rating based on four Buys, eight Holds, and one Sell.
COUP’s average price prediction of $76.64 implies 37.3% upside potential.
