On November 4, Procore Technologies rose 11.26% Overnight, trading at $70.28/share, with turnover of $59.9 thousand. The move followed quarterly results and forward guidance that came in above market expectations.
For the third quarter, adjusted EPS was $0.51 versus consensus expectations of about $0.46, while revenue reached $402.3 million, above the roughly $384.4 million expected by analysts. The company also guided fourth-quarter revenue to $420 million-$422 million, ahead of the approximately $396.1 million consensus view.
Procore Technologies additionally raised full-year revenue guidance to $1.557 billion-$1.559 billion from its prior $1.510 billion-$1.514 billion range, and its board authorized a new share repurchase program of up to $300 million. In an Application Software group where the listed peer moves shown were mostly negative, the earnings beat, higher outlook, and buyback authorization provided a clear company-specific catalyst for the stock's rise.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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