Concur Tech Falls Near 5-Month Low After Earnings Report
Shares of software maker Concur Technologies (NASDAQ: CNQR) opened significantly lower Thursday, down over six percent near $58.40 on a volume well above average. The steep fall marks a nearly five month low for Concur, which on Wednesday reported losses for the fourth quarter.
Shares fell following Wednesday's afternoon report, which provided an outlook for the full year of 2013. Concur has forecast full year 2013 revenue rising 25 percent, up to $550 million, in line with consensus.
Last year's fourth quarter net loss stood at $14.1 million, which has declined to only 8.4 million, due to a healthy revenue growth. Concur's attributable net loss was $0.15 per share or $8.2 million, compared to $0.26 per share or $14.0 million during the same quarter last year.
Revenue consensus estimate was for $118.64 million, with actual revenue falling short of expectations, coming in at only $117.9 million. The company recorded a 26 percent increase in revenue compared to last year's $95.2 million.
Analysts expect revenue for the current quarter to be lower compared to estimates, while EPS is expected to improve slightly. For the current quarter, Concur anticipates revenue of about $121.7 million, and EPS of about $0.30. That compares to the consensus $125.6 million and $0.25.
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