Bill.com’s (BILL) shares took off 16% following the closing bell Thursday after the company topped estimates for the fiscal Q2 and hiked its full-year outlook, which also beat expectations.
For the second quarter, the cloud software provider delivered an EPS of $0.63, exceeding the consensus estimate of $0.40. The company's revenue for the quarter stood at $318.5 million, notably above the expected $298.82 million.
Total payment volume for the quarter reached $75 billion, marking an 18% year-over-year increase and beating the estimate of $64.17 billion.
Gross profit hit $260.1 million, a 22% increase from the previous year and higher than the forecasted $241.5 million.
The number of customers grew significantly to 473,500 from 182,700 YoY, though slightly below the estimate of 474,910.
Looking ahead, Bill.com has provided guidance for the third quarter of 2024, expecting an EPS between $0.48 and $0.57, against a consensus estimate of $0.43.
Revenue is projected to be between $299 million and $309 million, closely aligned with the consensus estimate of $301.7 million.
For the full fiscal 2024, the company expects adjusted EPS in the range of $2.09 to $2.21, up from the previous guidance of $1.64 to $1.97, and above the consensus projection of $1.88.
For revenue, Bill.com now expects it will land between $1.23 billion and $1.25 billion in this fiscal year, compared to the previous forecast range of $1.21 billion to $1.25 billion, while analysts estimated $1.23 billion.
“We delivered strong growth during the quarter as we automated financial operations for more than 470,000 businesses,” said René Lacerte, CEO and founder of Bill.com.
“We continue to drive innovation and sharpen our focus on the most impactful initiatives to create value for our customers, partners, and shareholders.