Coupa Software (COUP) swung to a second-quarter profit as revenue topped expectations, sending shares in the provider of spending management software soaring early Wednesday.
XCoupa stock popped more than 17% at one point but settled back to for a gain of 6.8% to close at 76.88 on the stock market today. Shares in the San Mateo, Calif.-based company were up 132% in 2018 as of Tuesday's market close.
The company late Tuesday said it earned 5 cents a share vs. a 10-cent loss a year earlier. Revenue jumped 38.5% to $61.7 million. Analysts had projected a 9-cent loss and revenue of $56.6 million.
The enterprise software maker increased its prediction for full-year revenue to a range of $243 million to $245 million. It had earlier forecast fiscal 2019 sales of $233 million to $236 million.
"The company has successfully expanded its TAM (total addressable market) in spend management with new products and strategic acquisitions," SunTrust Robinson Humphrey analyst Terry Tillman said in a note to clients.
Acquisition Announced
Coupa announced the acquisition of the Vendor Management System assets of DCR Workforce. Terms were not disclosed.
Coupa's cloud-based management platform helps companies control spending. It belongs to IBD's Computer-Software Enterprise group.
The sector ranks No. 6 out of 197 industry groups tracked by IBD. ServiceNow (NOW) and Ultimate Software (ULTI) hold the highest Composite Ratings in the group.
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