Concur Technologies today exceeded financial expectations for its fiscal first quarter as the Redmond maker of travel and entertainment expense management software posted $100 million in revenue. That was a 25 percent increase over the same period during 2010, and a five percent increase over the previous quarter.
Concur showed a net loss of $900,000, compared to net income of $3.7 million for the year-ago quarter. Shares of the company were up more than three percent Wednesday prior to the earnings announcement.
“Driven by the investments we made in the core business over the past few fiscal years, we recorded an exceptional first quarter of fiscal 2012,” said Steve Singh, chairman and CEO of Concur. “We are pleased with the performance of our business across the board and – driven by the strength of the first quarter of fiscal 2012 and our outlook for the remainder of the fiscal year – we are raising our growth expectations for the fiscal year as a whole.”
Singh said they expect to end this year on a $500 million annual revenue run rate. The company also disclosed that it invested in online hotel service Room77, one of a string of recent investments by Concur in the consumer Internet arena. It also recently doubled its office space in San Francisco in order to accomodate employee growth in Silicon Valley.
