Shares of Bill.com (NYSE:BILL) have soared today, up by 16% as of 2:15 p.m. EDT, after the company reported fiscal third-quarter earnings. The results beat Wall Street's forecasts.
Revenue in the fiscal third quarter jumped 46% to $41.2 million, topping the consensus estimate of $36.8 million. On an adjusted basis, net loss was $2.9 million, or $0.04 per share. Analysts were expecting Bill.com to post an adjusted net loss per share of $0.10. Total payment volume on the cloud-based software company's platform jumped 35% to $24.2 billion, and customers grew 28% to 91,000.
"Bill.com reported solid quarterly results highlighted by strong revenue growth and a healthy pace of new customer acquisition," CEO Rene Lacerte said in a statement. "Our platform is mission-critical to SMBs and we have found this to be especially true in the current work-from-home environment."
Bill.com provided its outlook for the coming quarter on the conference call with analysts. CFO John Rettig said that falling interest rates would hurt what the company earns on funds held for customers, which is referred to as float revenue.
"The economic impact from COVID-19 is unprecedented, and the world is a different place than just three months ago when we had our last earnings call," Rettig added. "We do not have a crystal ball, and we are really at the beginning stages of the economic impact playing out."
Revenue in the fiscal fourth quarter is expected to be in the range of $37.4 million to $38.4 million, which should translate into an adjusted loss per share of $0.11 to $0.12.