Cornerstone OnDemand reported solid first quarter earnings and revenue Wednesday as the company inches closer to profitability.
The talent management software provider reported a net loss of $18.2 million, or 33 cents per share, compared to a net loss of $23.3 million during the same quarter a year ago (statement).
The non-GAAP earnings leveled off at zero on a revenue of $99.3 million, up 34 percent year-over-year.
Wall Street was expecting a loss of 10 cents per share on a revenue of $95.7 million.
In prepared remarks, Cornerstone president and CEO Adam Miller focused on the company's product innovation and growth plans in the months ahead:
With acceleration in top-line growth as well as solid early progress towards our profitability goals, the first quarter represented a very strong start to 2016. We believe our continued innovation, our focus on operational excellence, and the demonstrable demand for our solutions by the world's largest organizations will continue to fuel our growth into the future.
More numbers to know from Cornerstone's Q1:
- Ended the quarter with more than 2,670 businesses signed up; Its total user base is at 25 million;
- Bookings (defined as "gross revenue plus the change in deferred revenue for the period") were up 32percent annually to $83.7 million;
- Deferred revenue at was $236.5 million, up 31 percent compared to the balance at the end of the same quarter last year.