The net loss fell to slightly less than $16 million compared to red ink of $50.7 million in last year’s corresponding period. Revenue for the most recently ended period was slightly less than $132 million, up from $101.9 million a year ago. The company reported operating expenses of $158.9 million, an increase from $100.2 million. Procore had its biggest acquisition in its history close during the quarter with the purchase of the lien management software company, Levelset, for about $500 million. CEO Tooey Courtemanche also noted during this week earning’s webcast, “we are just at the beginning of our international expansion.” He said investment in collaborative document management will help Procore in growing that business.
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PROCORE TECHNOLOGIES SLASHES LOSS Featured
Construction software company Procore Technologies sharply cut its loss for the third quarter ended September 30 despite growing operating expenses by 58.5 percent. That came as the company this week said revenue for period rose 29.5 percent year-over-year.
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