Cornerstone Posts Significant Revenue GrowthTuesday, February 12, 2013
Cornerstone OnDemand on Tuesday announced significant revenue growth for the full year and fourth quarter although its operating losses continue.
The Santa Monica company, which sells talent management software, said that the fourth quarter net loss was $7.42 million, up from a loss of $4.96 million for the same period in 2011. Revenue grew 63 percent to $36.4 million.
Cornerstone also announced said that annual revenue grew 56 percent to $118 million. The net loss was $31.4 million, compared with a loss of $63.9 million in 2011.
“I’m extremely proud of what our team was able to accomplish in 2012,” Cornerstone Chief Executive Adam Miller said during the company’s earnings call with investors. “Through all the changes in the talent management landscape in 2012, our business continued to excel.”
The company also announced on Tuesday the launch of Cornerstone for Salesforce, a cloud software product that integrates with Salesforce.com to provide sales and service training. Salesforce.com provides software that deals primarily with customer relationship management. Cornerstone has already added a number of clients for that service, including LinkedIn.
Prior to the earnings call, Cornerstone shares closed down 31 cents, or less than 1 percent, to $32.49 on the Nasdaq.