NYSE$PCOR
Procore Technologies Inc. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Procore announced financial results, highlighting revenue growth and advancements in platform innovation amidst a challenging demand environment.
Procore Technologies reported a 33% year-over-year increase in revenue, reaching $248 million for Q3 2023. The company added 363 net new organic customers, bringing the total to 16,067. Procore also achieved a gross revenue retention rate of 95% and made significant improvements to its efficiency profile, returning to non-GAAP operating profitability.
- Revenue increased by 33% year-over-year to $248 million.
- Added 363 net new organic customers, totaling 16,067.
- Gross revenue retention rate was 95%.
- Returned to non-GAAP operating profitability.
Headline financials
Revenue & EPS history
Procore · Revenue · Quarterly
$248M
Forward guidance
Procore provided revenue and non-GAAP operating margin guidance for Q4 2023 and full year 2023.
Tailwinds
- Q4 2023 revenue is expected to be in the range of $247 million to $249 million, representing year-over-year growth of 22% to 23%.
- Q4 2023 non-GAAP operating margin is expected to be in the range of 2% to 3%.
- Full year 2023 revenue is expected to be in the range of $937 million to $939 million, representing year-over-year growth of 30%.
- Full year 2023 non-GAAP operating margin is expected to be in the range of 0.5% to 1%.
- Maintaining disciplined operating approach to optimize efficient growth trajectory.
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 2023
+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 | — | — | — |
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