Concur Technologies, Inc. ( CNQR ), a global
company providing integrated travel and expense management
solutions, recently released its preliminary results for second
quarter of fiscal 2013. Concur revealed that its revenue
expectation for the short run has been lowered for the current
quarter, although it anticipates that there would be a recovery
during the second half of the year. The primary reason attributable
for the decline was higher demand that has resulted in longer
implementation cycles for its customers.
Earlier, Concur had expected year over year revenue growth of
approximately 19%. But presently, the company expects a revenue
growth of 17.5%. However, the non-GAAP pre-tax earnings are
expected to be in line with its expectations. It will report its
full financial results for the quarter on May 1.
Concur's bookings have almost doubled in the quarter year over
year. This was driven by strong demand in both the public and
private sectors. The strong bookings have resulted in longer
implementation cycles in the short term. This in turn is expected
to impact short-term revenue growth of the company. Revenue for the
third quarter of fiscal 2013 is estimated to be over 139 million,
representing about 23% growth over the prior-year period.
This news release of increased bookings lifted the share price
of the company to $67.63 on Apr 15, 2013 which was 2.8% higher
compared with its previous day close of $65.79. Its stock is near
the upper-end of its 52-week trading range of $53.33 to $76.15.
Concur currently holds a Zacks Rank #3 (Hold). Other notable
players in the industry include NQ Mobile Inc. (
Pegasystems Inc. ( PEGA ) and
Netsol Tech Inc. ( NTWK ), each having a
Zacks Rank #1 (Strong Buy).CONCUR TECH INC (CNQR): Free Stock Analysis
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