Cornerstone OnDemand published its fourth quarter financial results on Tuesday, handily topping the market's expectations. The talent management software provider posted a net income of $1.6 million, or two cents per share. Non-GAAP earnings were 64 cents a share on revenue of $206.9 million, up 38% year over year.
Wall Street was expecting earnings of 27 cents per share on a revenue of $196 million.
Subscription revenue for the fourth quarter of 2020 was $197.9 million. For the full year of 2020, non-GAAP net income per share came to $1.78 on revenue of $740.9 million. Subscription revenue was $705.2 million.
For Q1, Cornerstone OnDemand expects revenue between $203 million and $205 million, above consensus for $201 million. For the fiscal year 2021 the company expects revenue between $847 million and $857 million, which is well above estimates. Shares of Cornerstone were up more than 10% after hours.
"Our financial results represent a strong finish to 2020, and I am proud of our accomplishments as a team," said Cornerstone CFO Chirag Shah. "After a year in which we completed a major acquisition, navigated a pandemic, transitioned leadership, and initiated significant internal transformation, we believe our fourth quarter performance is indicative of the strength of this company's opportunity, and we are confident that the steps taken over the past year will position us for sustained long-term success."