Bill.com cut its net loss by 96 percent for the second quarter ended December 31. The company also said revenue was up by 50.3 percent as the payments software organization made its first report as a publicly traded company this week.

The loss for the most recently ended period was $7.7 million, down from $13.2 million. Recent revenue of $39.1 million compared to slightly less than $26 million in last year’s corresponding period. During this week’s earnings webcast CEO Rene Lacerte outlined five area in which the company plans to develop. Those are acquiring new customers, increased adoption by existing customers, continued focus on growing the number of network members, expanding capabilities and expanding internationally. Increasing the number of electronic payments by customers is an important area.  On a quarter-over-quarter basis, “We are seeing up to 59 percent electronic payments from 55 percent a year ago,” CFO John Rettig said during the webcast.  Additionally, he noted, “The more electronic payments a customer does on our platform the higher share of wallet we see from those customers.” Bill.com’s offering Mastercard virtual cards to customers last year also helps the transition to electronic payments, the executives said.

Last modified on Friday, 07 February 2020
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