nCino ( NASDAQ: NCNO ) shares gained pre-market on Friday in response to the firm's raised full-year outlook and its second quarter results that beat Wall Street estimates .
Late Thursday, the cloud banking software company reported revenue of $99.6M for the quarter that grew 50% Y/Y and topped estimates. Adjusted loss per share of -$0.04 was also better than estimates of -$0.07 per share loss.
Subscription revenues, including the results of SimpleNexus, grew 57% to $84.4M. As of July 31, 2022, total remaining performance obligation (RPO) was $907.4M, up 28% compared to the second quarter of fiscal 2022. Excluding RPO for SimpleNexus, organic RPO grew 19% to $839.8M.
The company raised its full-year forecast, now expecting revenue in the range of $401.5M to $403.5M ( consensus : $401.60M) compared to prior estimate of $401M to $403M and adj. loss per share of -$0.17 to -$0.19 (consensus: -$0.29) compared to prior estimate of -$0.28 to -$0.30.
Analysts are positive on results, with Piper Sandler stating that "This was another solid quarter, and we are encouraged by the 2H organic growth outlook of 25% coupled with internal belt tightening that could narrow operating losses for the remainder of the year."
NCNO shares are up around 4% pre-market
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nCino stock gains on raised FY outlook