(Reuters) – Payment management software firm Coupa Software Inc beat Wall Street estimates for quarterly revenue on Tuesday, as more firms signed up to its business spend management platform, which helps manage expenses.
Shares were up 10.3% at $148.19 in trading after the bell.
Revenue from subscription services for the second quarter, ended July 31, jumped about 51% to $83.5 million, the company said in a statement.
Cumulative spend under management, which represents the aggregate amount of money transacted through the company’s core platform rose 8.3% to $1.3 trillion from the first quarter.
Total quarterly revenue rose 54% to $95.1 million, beating analysts’ estimates of $85.4 million, according to IBES data from Refinitiv data.
The San Mateo, California-based company’s net loss in the quarter widened to $20 million, or 32 cents per share, from $13.9 million, or 24 cents per share, a year earlier.
So far, Coupa’s stock has more than doubled in value this year, following a similar performance last year.
Reporting by Abhishek Manikandan in Bengaluru; Editing by Shailesh Kuber