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NEW YORK - Procore Technologies , Inc. (NYSE:PCOR) saw its shares surge 9.2% after the construction management software provider reported better-than-expected fourth-quarter revenue and raised its guidance for 2025.
The company posted revenue of $302 million for the quarter, surpassing analyst estimates of $297.43 million and marking a 16% increase YoY. However, adjusted earnings per share came in at $0.01, falling short of the $0.11 consensus forecast.
Procore's strong top-line performance and optimistic outlook for the year ahead appeared to outweigh the earnings miss. For the full year 2025, the company now expects revenue between $1.285 billion and $1.29 billion, above the consensus estimate of $1.28 billion.
"Our strong topline performance exceeded expectations, reinforcing our momentum heading into FY25," said Tooey Courtemanche, Founder, President, and CEO of Procore. "The magnitude of high-quality, large transactions reflects the trust our customers place in us, and the strength of our market position."
The company reported significant growth in its high-value customer base, with the number of customers contributing over $1 million in annual recurring revenue increasing 39% YoY to 86. Procore also added 113 net new organic customers in the fourth quarter, bringing its total to 17,088.
For the first quarter of 2025, Procore projects revenue between $301 million and $303 million, representing a 12% YoY growth. The company expects non-GAAP operating margin to be in the range of 7% to 8% for Q1 and 13% to 13.5% for the full year 2025.
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