MORRISVILLE – Ecommerce services provider ChannelAdvisor Corp. (ECOM) continues to cash in on the growing trend toward online shopping driven by the COVIDA-19 pandemic over the past yeart.
The company reported Thursday morning a first-quarter net income of $5.5 million. It also reported net income of 18 cents per share. Earnings, adjusted for one-time gains and costs, were 24 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
“Q1 marked another quarter of exceptional financial results and meaningful progress on our brands strategy, underpinned by accelerating momentum across our business,” said David Spitz, ChannelAdvisor’s chief executive officer.
“Revenue and adjusted EBITDA both significantly exceeded our guidance for the quarter, driven by continued strong execution, product innovation, and robust e-commerce volumes. Our strategy drove success for our customers and rapid revenue growth from brands, with revenue from brands up 39% year over year during the quarter. Continued strength in sales, especially with brands, combined with excellent customer expansion and retention, drove record net bookings and the third consecutive quarter of acceleration in subscription revenue growth. Our strategy of helping accelerate brands’ digital transformation has continued to pay off and we remain excited about our growth prospects going forward.”
The provider of cloud-based ecommerce services posted revenue of $39.2 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $37.3 million.
For the current quarter ending in July, ChannelAdvisor said it expects revenue in the range of $39.8 million to $40.2 million. That’s up some 7% year-over-year.
ChannelAdvisor shares have risen 33% since the beginning of the year. The stock has more than doubled in the last 12 months.