Cornerstone Reports Revenue GrowthMonday, November 4, 2013
Cornerstone OnDemand on Monday reported revenue gains for the third quarter despite growing net losses.
The Santa Monica company, which develops talent management and human resources software, reported a net loss of $11 million (-21 cents per share), compared with a loss of $7.6 million (-15 cents per share) for the same period a year earlier.
Third quarter revenue was up 57 percent to $48.3 million, coming in just above the $48.1 million that analysts expected, according to Bloomberg.
Cornerstone Chief Executive Adam Miller said the company's revenue growth was due to solid sales in North America, Europe, the Middle East and Africa.
"As we look ahead, we expect not only to build upon our success in these regions, but also to continue to grow our operations in new markets such as Asia Pacific and Latin America to capture more of what we believe to be significant global demand for a best-of-breed talent management solution," he said in a statement.
Shares closed up 61 cents, or more than 1 percent, to $46.16 on the Nasdaq before the company reported earnings.