As we noted last month, Concur is growing so fast that it can’t quite keep up with demand. The Redmond maker of travel and entertainment expense management software warned Wall Street a few weeks ago that its second quarter revenues would not meet expectations, and now here’s a look at the actual results.
The company reported revenue of $127.4 million, up 17.5 percent, during its fiscal second quarter. Meanwhile, its net loss came in at $7.6 million.
“We experienced one of the best bookings performances in Concur’s history, with new bookings growing more than 100% over the second quarter last year,” said CEO Steve Singh in a statement. “The strong bookings have resulted in longer implementation cycles, which impacts short-term revenue growth.”
Singh added that they expect the revenue growth to accelerate in the second half of the year “based on our underlying bookings momentum and the continued success of our core initiatives.”
Here’s a look at the results from Q2: