CFO Perry Wallack also provided higher-than-expected guidance on the CC. Given the strength of Cornerstone's Q2, Wallack expects Q3 revenues of $47.5M-48.5M (+55.8% Y/Y at the midpoint and mostly above a consensus of $47.6M). 2013 revenue guidance has been lifted from $181M-183M to $183.5M-185.5M (+56.5% Y/Y at the midpoint and above a consensus of $182.2M).
The results are being well-received by analysts. Piper Jaffray writes Cornerstone's 55% Y/Y Q2 bookings jump was the best in its peer group of cloud HR software providers, which includes Ultimate Software, Workday, and Salesforce.com.
Piper Jaffray maintains its Buy rating, and hikes Cornerstone's PT from $55 to $57.