This Growth Stock Just Raised Guidance -- Is It a Buy?
Tech and fintech companies have not had it easy this year, with inflation and rising interest rates proving to be significant headwinds that made for a difficult operating environment. A scary macro outlook has also led many companies to tighten their belts on the hiring side and lower their full-year guidance on concerns of a deteriorating economy.
But the cloud-based banking tech provider nCino (NASDAQ: NCNO) seems to be headed in the other direction. The company recently reported solid earnings results and raised its full-year guidance on several fronts. Let's take a look.
For the second fiscal quarter of 2023, which ended on July 31, nCino generated a loss of $0.25 per diluted share on total revenue of roughly $99.6 million. Earnings missed analyst estimates slightly while revenue beat them. But the company grew revenue by 50% from the same quarter one year ago, and subscription revenue grew 57% year over year. NCino also raised its full-year guidance for the fiscal year 2023, which ends Jan. 31, 2023.
Source Fool.com
