NCNO - Why nCino Stock Jumped Today
2024-03-27 19:25:00 ET
Shares of nCino (NASDAQ: NCNO) soared 19% on Wednesday after the cloud-based banking software company announced strong quarterly results and encouraging forward guidance.
For its fiscal fourth quarter ended Jan. 31, 2024, nCino's revenue grew 13% year over year to $123.7 million, translating to adjusted ( non-GAAP ) net income of $0.21 per share. Analysts, on average, were only modeling earnings of $0.12 per share on roughly the same revenue.
Within its top line, nCino's subscription revenue grew 16% year over year to $107.5 million, while professional services and other revenue fell slightly to $16.2 million.
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Why nCino Stock Jumped Today