Coupa Software (NASDAQ:COUP) stock is rising on Wednesday following the release of the tech company’s earnings report for the fiscal second quarter of 2023.
That earnings report starts with adjusted earnings per share (EPS) of 20 cents. This is better than the 9 cents per share Wall Street had expected from the company, even if it’s a drop from the 26 cents per share reported in the same period last year.
Adding to that is the company’s revenue of $211.1 million for the quarter. Yet again, that beats out analysts’ revenue estimate of $204.02 million for the quarter. It’s also an 18% year-over-year (YOY) increase compared to $179.25 million.
To go along with that, Coupa also announced a share buyback program. This covers the repurchase of up to $100 million worth of COUP stock. That program is set to expire on Sept. 1, 2023.
Strong Guidance Is Another Catalyst for COUP Stock
Coupa also included a positive outlook for the rest of fiscal 2023 in its earnings report. The company predicts adjusted EPS between 37 cents and 44 cents on revenue ranging from $838 million to $844 million. To put those figures in perspective, Wall Street’s fiscal 2023 estimates predict adjusted EPS of 26 cents on revenue of $840.31 million.
Today’s earnings news also brings heavy trading to COUP stock. As of this writing, more than 2.7 million shares have changed hands. That’s already above the daily average trading volume of 1.6 million shares.
COUP stock is up 14% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
