Yahoo Finance Procore Technologies (PCOR) Q2 Earnings: What To Expect
Construction management software maker Procore Technologies (NYSE:PCOR) will be reporting results tomorrow afternoon. Here's what to expect.
Procore Technologies beat analysts' revenue expectations by 2.5% last quarter, reporting revenues of $269.4 million, up 26.2% year on year. It was a mixed quarter for the company, with a decent beat of analysts' ARR (annual recurring revenue) estimates but a miss of analysts' billings estimates. It added 231 customers to reach a total of 16,598.
Is Procore Technologies a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Procore Technologies's revenue to grow 20.4% year on year to $275.2 million, slowing from the 32.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.25 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Procore Technologies has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 5.2% on average.
Looking at Procore Technologies's peers in the vertical software segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Cadence delivered year-on-year revenue growth of 8.6%, beating analysts' expectations by 1.7%, and Agilysys reported revenues up 13.3%, falling short of estimates by 1.4%. Cadence traded down 1.6% following the results while Agilysys was also down 4.6%.
Read our full analysis of Cadence's results here and Agilysys's results here.
There has been positive sentiment among investors in the vertical software segment, with share prices up 2.2% on average over the last month. Procore Technologies is up 4.2% during the same time and is heading into earnings with an average analyst price target of $81.6 (compared to the current share price of $70.81).
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