Cloud-based subscription management company Zuora delivered better-than-expected fourth quarter financial results after the bell on Thursday, but light guidance brought its shares down after hours. The company reported a Q4 net loss of $20.67 million, or 19 cents a share, up from a loss of $13.4 million in the fourth quarter of fiscal 2018. The non-GAAP net loss came to 11 cents per share on revenue of $64.1 million.
Wall Street was expecting a non-GAAP net loss of 11 cents a share on revenue of $62.87 million. Zuora's shares dipped more than 11 percent in late trading.
Looking ahead, Zuora expects first quarter revenue in the range of $63.5 million to $64.5 million and a non-GAAP net loss between 14 cents and 13 cents. Analysts were expecting a loss of 13 cents and revenue of $65.6 million.
For the year, analysts expect Zuora to report a non-GAAP net loss of 45 cents a share with revenue of $294.5 million. Zuora responded with expectations for a non-GAAP net loss between 44 cents and 40 cents and revenue in the range of $289 million to $293 million.
"We had a strong fourth quarter and a fantastic finish to our first year as a public company," said Zuora CEO Tien Tzuo. "With more than $10 billion processed through our system, it is clear that more and more companies across multiple industries joined the global subscription economy, and Zuora is increasingly strategic to their long-term success."