Coupa, makers cloud-based spend management software, this afternoon reported fiscal Q1 revenue that topped analysts' expectations, and a surprise profit, and offered an outlook for the current quarter, and the full year's results, that was higher as well.
Separately, Coupa said its CFO, Todd Ford, would take on a new role overseeing not only finance but also strategic initiatives. The company's chief accounting officer, Tony Tiscornia, will become the company's new CFO.
Despite the upbeat report, Coupa shares dropped 8% in late trading.
CEO and Rob Bernshteyn noted that the company "delivered record revenue, generated meaningful free cash flows, and added dozens of new customers to the Coupa Community."
Added Bernshteyn, "With supply chain disruptions and an emphasis on frugality impacting the way companies approach Business Spend Management, our customers depend on us to help them build the agility and resiliency needed to strategically navigate a challenging but improving economic environment."
Revenue in the three months ended in April rose 40%, year over year, to $166.9 million, yielding a net profit of 7 cents a share, excluding some costs.
Coupa's subscription revenue of $140.1 million was up 33%, year on year.
Analysts had been modeling $152.9 million and 19-cent loss per share.
For the current quarter, the company sees revenue of $162 million to $163 million, and a net loss in a range of 5 cents to 7 cents per share. That compares to consensus for $161.7 million and a 10-cent loss per share.
The company expects subscription revenue this quarter of $142 million to $143 million.
For the full year, the company sees revenue in a range of $681 million to $684 million, and a net loss of 14 cents to 20 cents. That compares to consensus of $679 million and a 25-cent loss per share.
Regarding Ford's new appointment, the company said:
Ford, who has been CFO since May 2015, led the company through its successful IPO in October 2016 and scaled the Finance function through a period of rapid growth as Coupa's revenue grew over 10x during that time. In his new role, Ford will continue to lead Coupa's Global Finance and Operations teams as well as oversee strategic global initiatives for the company.