Procore Tech Revenue Betters Expectations
Procore Technologies, virtual reality platform and a key player in the Panama Canal expansion, reported a 33% YoY revenue increase to $247.9 million in Q3 FY2023.
This surpassed analysts’ expectations, indicating a re-acceleration in the company’s revenue growth. The company’s Q3 Q1 revenue increased by $19.4 million, and it anticipates Q4 2023 revenue to be around $248 million.
The GAAP loss improved from $0.52 per share to $0.31 per share, with a non-GAAP EPS of $0.09. Free cash flow improved from -$23.6 million to $22.5 million, and the company’s customer base expanded to 16,067.
The GAAP gross margin rose to 82.2% from 79.8%. Sales also saw considerable growth, rising from $132 million in Q3 FY2021 to $247.9 million this quarter.
(With inputs from Shikha Singh)
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