By Denny Jacob
Shares of AvidXchange Holdings rose 16% to $9.28 on Wednesday following strong third-quarter results and a increased outlook for 2023.
The stock is down 6.7% on the year so far.
The account payable automation software and payment solutions provider narrowed its loss to $8.1 million, or 4 cents a share, for the three-months ended Sept. 30, from $25.4 million, or 13 cents a share, a year earlier. Analysts polled by FactSet expected a loss of 8 cents a share.
Revenue grew to $98.7 million from $82.4 million. Analysts polled by FactSet expected $95.1 million.
For 2023, AvidXchange forecast revenue between $374.5 million and $375.5 million compared with its prior estimate of $368 million to $370 million.
“On key financial measures, from revenue growth to gross margin to EBITDA, we exceeded — significantly in some instances–our implied third quarter business outlook,” said Chief Executive Michael Praeger.
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