- Cornerstone OnDemand (CSOD +11.9%) shares climb following a relatively in-line Q3 after management hiked guidance and spoke optimistically of cross-selling revenue opportunities.
- The company now expects revenue of Q4 in $54.2M-$55.7M (vs. consensus of $54.5M), which represents 51% Y/Y growth at the mid-point. The company re-affirmed full-year EPS guidance of -$0.21 (which implies EPS of $0.00 in Q4, in-line with expectations).
- CEO Adam Miller on the conference call: "We now have nearly 13 million users with an average of two products each. What many of you may not realize is that we actually have six products and multiple product add-ons across our clouds ... So conservatively, we believe there is at least a 3x opportunity for revenue growth for us within our existing installed base alone. Meaning, we could conceivably exceed $500 million in revenue without capturing a single additional seat."
Cornerstone OnDemand surges on guidance raise, cross-selling optimism
Nov 5 2013, 12:01 ET