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Human cloud firm Care.com revenue up 9% in Q3

November 02, 2017

Human cloud firm Care.com (NYSE: CRCM) yesterday reported third-quarter revenue rose 9% to $44.5 million, and the number of members also increased. The Waltham, Mass.-based firm connects families to caregivers for children, seniors and pets.

Care.com reported third-quarter net income of $262,000, compared to a net loss of $1.3 million the year-ago quarter.

“We continued to execute well in Q3, our eighth consecutive quarter of profitable growth,” said Sheila Lirio Marcelo, founder, chairwoman and CEO. “In 2017, we expect to generate approximately $25 million in cash, and are raising our expectation for year-end cash and short-term investments to over $100 million.”

The company forecast fourth-quarter revenue of between $43.6 million and $44.1 million.

Total members on Care.com’s site rose 20% year over year to 26.4 million as of the end of the third quarter.

Care.com also announced the appointment of Dan Yoo, former COO of NerdWallet, to its board of directors.

“His breadth of experience scaling enterprise businesses and consumer marketplaces, combined with his strong tech and finance industry background, will be enormously valuable as we continue to grow Care.com’s service offerings around the world,” Lirio Marcelo said.

Shares in Care.com rose 12.48% to $16.85 as of 3:14 p.m. Eastern time. The company had a market cap of $500.4 million.