Shares of BigCommerce Holdings (BIGC 1.04%) tumbled today despite the company reporting fourth-quarter results yesterday that were ahead of Wall Street's expectations.
The tech stock fell by as much as 22.1% today and was down 6.7% as of 3:34 p.m. EST.
BigCommerce reported fourth-quarter sales of $43.1 million, a 39% increase from the year-ago quarter, which easily beat analysts' consensus revenue estimate of $38.6 million. Additionally, the company's adjusted loss of $0.12 per share outpaced Wall Street's estimate of a loss of $0.14 per share.
BigCommerce's CEO, Brent Bellm, said in a press release that the company had a "historic year" in 2020, referencing the company's 39% revenue jump and an annual revenue run rate (ARR) of $181.2 million, an increase of 41% from 2019.
The company also highlighted that its total revenue for fiscal 2020 was up 36% from 2019, to $152.4 million. Additionally, the company's full-year adjusted loss per share of $0.79 was a big improvement from the loss of $2.21 in fiscal 2019.
BigCommerce's management issued revenue guidance for the first quarter of 2021 in the range of $41.8 million to $42.3 million and an adjusted operating loss of about $8 million at the midpoint of guidance.
Despite the earnings and revenue beats in the fourth quarter, investors may be concerned that as COVID-19 vaccines become more widely available some of the company's recent growth could slow down. The pandemic has pushed many shoppers online, and it appears some BigCommerce investors think that once in-person retail shopping comes back throughout 2021 it could hurt the company's growth.