Why Coupa Software Shares Fell 16% in September
Shares of Coupa Software (NASDAQ: COUP) fell 16.3% in September, according to data from S&P Global Market Intelligence. Early in the month, the company delivered strong second-quarter results, but the stock was caught up in the market's wider pessimism about the tech sector.
The maker of business spend management tools actually crushed Wall Street's second-quarter expectations. Earnings tripled year over year to $0.21 per share while revenues rose 32% to $125.9 million. The average analyst would have settled for earnings near $0.08 per share on sales in the neighborhood of $119 million.
Management also issued bullish guidance for the third quarter and raised its full-year targets. The report inspired a plethora of rosy analyst reports and raised share-price targets. The stock still closed 6% lower the next day, continuing a string of daily drops that started with the tech sector panic of Sept. 3.
Source Fool.com
