Business

Bill.com stock tumbles after gains despite positive report

Shares of Bill.com Holdings Inc. faltered in after-hours trading on Thursday, building on a steep plunge in the regular session, even as the maker of software that helps companies automate financial tasks updated its latest results and outlook exceeded expectations.

The company posted a net loss of $86.7 million, or 84 cents a share, for the third quarter, while it posted a loss of $26.7 million, or 32 cents a share, in the year-ago quarter.

On an adjusted basis, Bill.com BILL,
-13.23%
lost 8 cents a share, compared to 2 cents a share a year earlier, while analysts polled by FactSet had forecast a loss of 16 cents a share.

Revenue rose to $166.9 million from $59.7 million last year, while the FactSet consensus was $157.9 million.

“We are excited about the opportunities that open up for us as we develop the de facto solution to meet the needs of small businesses in the finance space,” Chief Executive René Lacerte said in a press release, adding that the company will reported “resilient demand” last quarter.

Bill.com shares are down more than 16% in extended trading on Thursday after falling 13% in the day’s regular session.

For the fiscal fourth quarter, Bill.com expects revenue of $182.3 to $183.3 million and an adjusted loss of 13 to 14 cents per share. The FactSet consensus called for revenue of $168.7 million and an adjusted loss of 15 cents a share.

https://www.marketwatch.com/story/bill-com-stock-extends-slide-after-earnings-despite-upbeat-report-11651787986?rss=1&siteid=rss Bill.com stock tumbles after gains despite positive report

Brian Lowry

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