By Chris Wack
BigCommerce, the e-commerce platform, saw a surge in its shares, climbing 18% to $11.22 during premarket trading, following the company’s announcement of a second-quarter loss that was narrower than expected.
In the second quarter, BigCommerce reported a loss of $19.1 million, equivalent to 25 cents per share. This is a significant improvement from last year’s loss of $39.6 million, or 54 cents per share. Analysts surveyed by FactSet had predicted a loss of $23.4 million, or 31 cents per share.
The company’s revenue for the quarter reached $75.4 million, surpassing last year’s $68.2 million and beating analysts’ expectations of $73.4 million.
After making adjustments, BigCommerce reported a loss of two cents per share, exceeding analysts’ estimates of a nine cents per share loss.
Brent Bellm, the CEO of BigCommerce, noted, “We achieved profitability on an adjusted Ebitda basis in June and generated positive free cash flow for the entire quarter for the first time.”
Looking ahead to the third quarter, BigCommerce anticipates revenue between $76.3 million and $79.3 million. Analysts are slightly more conservative, predicting revenue of $78.4 million. Additionally, for the year 2023, the company projects revenue ranging from $304 million to $310 million, compared to analysts’ forecast of $306.6 million.
