NYSE$PCOR
Procore Technologies Inc. · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Procore's Q3 2022 financial results showcased impressive revenue growth and margin improvements.
Procore Technologies reported strong third-quarter results, with revenue reaching $186 million, a 41% increase year-over-year. The company added 683 net new organic customers, ending the quarter with 14,086 organic customers. While GAAP operating margin was (39%), non-GAAP operating margin improved to (7%).
- Revenue increased by 41% year-over-year, reaching $186 million.
- GAAP gross margin stood at 80%, while non-GAAP gross margin reached 84%.
- The company added 683 net new organic customers, bringing the total to 14,086.
- Procore launched Procore Workforce Management, a new end-to-end solution.
Headline financials
Revenue & EPS history
Procore · Revenue · Quarterly
$186M
Forward guidance
Procore provided guidance for the fourth quarter and full year 2022.
Tailwinds
- Revenue is expected to be in the range of $189 million to $191 million for the fourth quarter of 2022.
- Fourth quarter revenue represents year-over-year growth of 29% to 31%.
- Revenue is expected to be in the range of $707 million to $709 million for the full year 2022.
- Full year revenue represents year-over-year growth of 37% to 38%.
- Full year revenue includes $30 million from Levelset.
Headwinds
- Non-GAAP operating margin is expected to be in the range of (10%) to (11%) for the fourth quarter of 2022.
- Non-GAAP operating margin is expected to be in the range of (11%) to (12%) for the full year 2022.
- A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort.
- The uncertainty of expenses that may be incurred in the future cannot be reasonably determined or predicted at this time.
- These factors could be material to Procore’s future GAAP financial results.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
+0.4%
Avg return
Earnings day
-1.2%
Avg return
5 days after
-0.5%
Avg return
30 days after
60%
12 / 20 earnings
Positive
+16.5%
Q4 2024
Best reaction
-20.1%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +4.9% | -8.4% | -11.2% | |
| Q4 2025 | +9.3% | +10.8% | +19.4% | |
| Q3 2025 | +10.6% | +10.2% | +8.4% | |
| Q1 2025 | +2.5% | +2.0% | +6.3% | |
| Q4 2024 | +16.5% | +15.2% | -9.3% | |
| Q3 2024 | +3.5% | +5.0% | +28.0% | |
| Q2 2024 | -20.1% | -25.5% | -16.6% | |
| Q1 2024 | +1.2% | +0.1% | -1.9% | |
| Q4 2023 | +3.3% | +3.7% | +6.9% | |
| Q3 2023 | -17.4% | -16.9% | -1.2% | |
| Q2 2023 | -11.2% | -14.5% | -10.1% | |
| Q1 2023 | +4.8% | +2.3% | +16.7% | |
| Q4 2022 | +1.3% | +0.5% | -5.7% | |
| Q3 2022 | -1.7% | -3.9% | -5.7% | |
| Q2 2022 | +14.8% | +18.3% | -0.3% | |
| Q1 2022 | -5.9% | -15.1% | -14.9% | |
| Q4 2021 | -6.8% | +2.1% | -6.0% | |
| Q3 2021 | -1.5% | -1.7% | -17.5% | |
| Q4 2020 | +0.2% | -1.1% | +4.0% | |
| Q2 2021 | -1.2% | -6.5% | +1.0% | |
| Q1 2021 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro