Cornerstone OnDemand Reports Revenue GrowthMonday, November 12, 2012
Shares of software company Cornerstone OnDemand Inc. climbed almost 10 percent in after hours trading on Monday after the company reported increased revenue.
Cornerstone in Santa Monica, which develops human resources software, reported a net loss of $7.6 million for the third quarter compared with a loss of $4.3 million for the same period a year earlier. Revenue increased 54 percent for the quarter to $30.8 million.
Chief Executive Adam Miller attributed the revenue increase to a 57 percent growth in clients for the quarter, reporting more than 1,100 clients and 10.3 million users.
“We believe our bookings performance demonstrates that the recent wave of consolidation in talent management has improved our competitive positioning,” he said in a statement.
Shares were up $2.57, or nearly 10 percent, to $28.90 in after hours trading.