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AVIDX REVS RISE 19.7 PERCENT. Featured

AvidXchange sharply cut it loss on a 19.7-percent increase in revenue for the third quarter ended September 30.

The loss for the payments software company for the most recently ended period was $8.1 million, compared to $25.4 million in red ink a year ago. Revenue rose to $98.7 million from $82.4 million in last year’s corresponding period. Non-GAAP net income was $5.8 million compared to a non-GAAP net loss of $11.7 million. During the company’s recent earnings webcast, CEO Michael Praeger introduced the company’s Invoice Accelerator 2.0 B2B financing company. He noted that new buyer opportunities were up 13 percent at the end of the nine month and singled out NetSuite as impacting the total as its SuiteWorld conference, held in the third quarter in 2022, was in the fourth quarter this year

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