Concur says demand up but delays slow revenue
Concur Technologies Inc. said Monday that it expects its fiscal second-quarter revenue may come in below its prior forecasts but that is because higher demand has slowed its completion time for customers.
The Redmond, Wash.-based computing company provides travel and expense management services for companies.
Concur CEO and Chairman Steve Singh said that the company's bookings have more than doubled compared with the second quarter last year on strong demand in both the public and private sectors. The stronger bookings, however, have led to longer implementation cycles and that has hurt its short-term revenue growth.
The company expects its revenue for the second quarter will be up 17.5 percent, versus its prior forecast of 19 percent growth. It will report its full financial results for the quarter on May 1.
Concur also said that it expects its revenue for the third quarter will be $139 million. Analysts polled by FactSet, on average, expected revenue of $141.3 million.
Singh said he expects the company's bookings for 2013 will continue to outpace prior expectations and the implementation cycles will return to normal over the next few quarters.
Shares of the company jumped $2.24, or 3.4 percent, to $68.03 in afternoon trading on the increased demand. Its stock is near the upper-end of its 52-week trading range of $53.33 to $76.15.