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Shares of cloud banking software company nCino (NASDAQ:NCNO) surged 14% in extended-hours trading on Tuesday after it reported fourth-quarter earnings that handily beat expectations.
For the period ending Jan. 31, 2024, the Wilmington, N.C.-based company earned an adjusted $0.21 per share as revenue rose 13.% year-over-year to $123.7M. Analysts had been expecting the company to earn $0.12 per share excluding one-time items on $124.7M in revenue.
“We are very pleased with our fourth quarter fiscal year 2024 financial results, particularly about closing the year with our strongest gross sales quarter in the past ten quarters," said Pierre Naudé, CEO and Chairman of the Board at nCino. "The team's solid execution and continued focus on product innovation and experience improvements, coupled with more normal buying cycles and positive tone from customers, fuels our optimism for the year ahead and beyond.”
The company also offered up guidance for the first-quarter and fiscal 2025. It expects first-quarter sales to be between $126M and $127M, with subscription revenue accounting for $108.75M to $109.75M of the total.
It expects to earn between $0.13 and $0.14 per share on an adjusted basis.
Analysts were expecting adjusted earnings of $0.12 per share on $128.83M in revenue.
For the full-year, revenue is expected to fall within a range of $538.5M to $544.5M, with subscription revenue between $463M and $469M.
Adjusted earnings per share are expected to be between $0.60 and $0.64.
Analysts were expecting adjusted earnings of $0.57 per share on $545.43M in revenue.
The company also announced that President and Chief Revenue Officer Josh Glover is leaving to join a late-stage private company outside of the financial services industry Glover will remain as a consultant to nCino through June.
Paul Clarkson has been promoted to Executive Vice President Global Revenue.
The company will host a conference call at 4:30 p.m. ET today to discuss the results.