- Bill.com ( NYSE: BILL ) stock slumped 20.6% after hours on Thursday as the payment software provider provided FY23 earnings guidance that widely missed expectations.
- The company expects FY23 adj. EPS of $0.99-$1.05, well below consensus estimate of $0.56. Total revenue is projected to be $999M-$1.007B vs. $999.77M consensus.
- Bill.com ( BILL ) expects Q3 adj. EPS of $0.22-$0.25 vs. $0.12 consensus, and total revenue of $245M-$248M vs. $250.73M consensus.
- The company reported Q2 EPS of -$0.90 vs. -$0.78 in Q2 2022, while adj. EPS was $0.42 vs. $0 in Q2 2022. Interestingly, its PE ratio has now crossed 100.
- Revenue increased 66.1% Y/Y to $260M, while core revenue - consisting of subscription and transaction fees - was $231.1M, up 49%.
- The company processed $67.3B in total payment volume in the quarter, up 15% Y/Y, and 20.8M transactions, up 34%.
- Bill.com ( BILL ) also announced a $300M stock buyback program .
- Earlier, the firm landed a bull rating from Citi, given its difficult-to-replicate growth assets .
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Bill.com stock slumps 21% after hours despite earnings beat as outlook disappoints