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Source: Michael Vi / Shutterstock.comCoupa Software (NASDAQ:COUP) stock is rising on Wednesday following the release of the tech company’s earnings report for its fiscal second quarter of 2023.
That earnings report starts with adjusted earnings per share of 20 cents. This is better than the 9 cents per share Wall Street was expecting from the company. Even if it’s a drop from the 26 cents per share reported in the same period of the year prior.
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% increase year-over-year 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 includes a positive outlook for the rest of fiscal 2023 in its earnings report. Among that is adjusted EPS between 37 cents and 44 cents on revenue ranging from $838 million to $844 million. To put those in perspective, Wall Street’s fiscal 2023 estimates include 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 its daily average trading volume of 1.6 million shares.
COUP stock is up 14.2% as of Wednesday morning.
There’s more stock market news for traders to dive into below!
InvestorPlace is home to all of the hottest stock market news traders need to know about! That includes this morning’s biggest pre-market stock movers, as well as the latest on GameStop (NYSE:GME) and Target (NYSE:TGT) stock. You can catch up on all of that at the following links!
More Wednesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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- Should You Short Target (TGT) Stock Now?
On the date of publication, William White did not have (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.
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