Shares of Avalara were down nearly 3 percent in after-hours trading following the company’s first quarter earnings report.
Avalara grew revenue by 31% to $111 million, with a net loss per share of $0.05. Analysts expected revenue of $108 million and net loss per share of $0.11.
The tax automation software company ended the quarter with 12,710 core customers, up from 11,960 at the end of the fourth quarter. Companies such as Box, Pinterest, Marketo, Adidas, Fandango, and The New York Times use Avalara’s services.
Avalara, which went public in June 2018, added former HomeAway CEO Brian Sharples to its board in March.
Shares dipped after the COVID-19 pandemic began but have recovered and are trading above pre-COVID-19 levels, at $101/share on Thursday. The company expects 2020 revenue of $455 to $465 million, up from $382 million last year.
“We believe that our proven ability to drive efficiencies for our customers, our partners, and ourselves will be even more critical to deliver strong results during this unprecedented challenge,” Avalara CEO Scott McFarlane said in a statement.
Last month Avalara released a sales tax risk assessment tool.
Avalara this week published a data from transactions that reveals how consumer discretionary spending hasn’t declined across the board, despite the stay-at-home orders amid the COVID-19 pandemic. The relatively even average has been maintained by a surge of spending on items that help consumers sheltering at home, as other industries see big declines in transactions.
