Cornerstone OnDemand Q2 Loss Widens, Stock Falls

(RTTNews) - Cloud-based applications provider Cornerstone OnDemand, Inc. (CSOD) Wednesday said second-quarter loss widened from the prior year, even as revenues increased 39 percent from last year. The stock fell over 8 percent in the extended trade.

Loss widened to $16.63 million or $0.31 per share from $8.68 million or $0.17 per share in the same period last year.

Adjusted loss for the quarter was $5.9 million or $0.11 per share, while it totaled $3.5 million or $0.07 per share in the prior year quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues increased 39 percent to $61.47 million from $44.35 million last year. Analysts expected revenues of $63.57 million.

Bookings, which represent revenue plus the change in deferred revenue for the period, were $70.1 million, up 44 percent from the same period in 2013.

CSOD closed down 3.5 percent at $40.30 on Wednesday, and dropped 8.2 percent in the extended trade.