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Innovation

Cornerstone OnDemand's Q3 earnings mixed ahead of int'l expansion

With more than 1,500 businesses signed up, Cornerstone's total user base is approaching 13 million.
Written by Rachel King, Contributor on
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Following a very busy day for the markets, Cornerstone OnDemand turned in a mixed third quarter earnings filing after the bell on Monday.

The talent management software reported a net loss of $11.1 million, or 21 cents per share (statement).

The non-GAAP loss was four cents per share on a revenue of $48.3 million, up 57 percent year-over-year.

But Wall Street was expecting a loss of approximately three cents per share on a revenue of $48.28 million.

In prepared remarks, Cornerstone president and CEO Adam Miller focused on international expansion plans in the months ahead:

Our continued momentum is demonstrated by our strong third quarter performance, which was driven in large part by the sustained execution of our core business in North America and EMEA. As we look ahead, we expect not only to build upon our success in these regions, but also to continue to grow our operations in new markets such as Asia Pacific and Latin America to capture more of what we believe to be significant global demand for a best-of-breed talent management solution

For the current quarter, Wall Street is expecting Cornerstone OnDemand's earnings to flatten out at zero cents per share with a revenue of $54.53 million.

More numbers to know from Cornerstone's Q3:

  • Ended the quarter with more than 1,500 businesses signed up; Total user base is approaching 13 million
  • Bookings (defined as "gross revenue plus the change in deferred revenue for the period") were up 46 percent annually to $62.4 million
  • Revenue for the first nine months of 2013 was $130.3 million, up 60 percent compared to the same time frame in 2012
  • The non-GAAP net loss for the third quarter was $1.9 million. The non-GAAP net loss for the first nine months of 2013 was $10.8 million, or 21 cents per share.
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