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View All NewsCoupa Software revenue rises 17.6% in fiscal first quarter with growth in subscription revenue
Coupa Software Inc. (NASDAQ: COUP) revenue rose 17.6% in its fiscal first quarter ended April 30 with the gain coming from subscription revenue.
“We began the fiscal year strong by delivering record quarterly total revenue and subscription revenue and also yielding over 20% operating cash flow and adjusted free cash flow margins,” said Rob Bernshteyn, chairman and CEO at Coupa.
The San Mateo, California-based company provides business spend management software, including a contingent workforce vendor management system.
| (US$ thousands) | Q1 2023 | Q1 2022 | % change |
| Total revenue | $196,371 | $166,929 | 17.6% |
| Gross profit | $115,543 | $87,202 | 32.5% |
| Gross margin | 58.8% | 52.2% | |
| Net loss | ($81,201) | ($100,357) | nm |
Subscription revenue rose 27.4% year over year to $178.5 million. However, professional services and other revenue fell 33.3% to $17.9 million.
Guidance
Coupa forecast second-quarter revenue of between $202.0 million and $205.0 million. It also forecast full-year revenue of between $838.0 million and $843.0 million.
Share price and market cap
Shares in Coupa were up 1.46% to $73.19 as of 12:34 p.m. Eastern time; they were 25.25% above their 52-week low, according to FT.com. The company had a market cap of $5.45 billion.