AUSTIN, Texas - BigCommerce Holdings, Inc. (NASDAQ:BIGC) saw its shares jump 5% in premarket trading on Thursday after the e-commerce platform provider reported better-than-expected third quarter results and issued an optimistic outlook.
The company posted adjusted earnings of $0.06 per share for Q3, surpassing analyst estimates of $0.02 per share. Revenue grew 7% YoY to $83.7 million, also topping the consensus forecast of $83.12 million.
"Our third-quarter revenue increased 7% year-over-year, but we have the potential to do much better," said Travis Hess (NYSE:HES), CEO of BigCommerce. "As CEO, it is my top priority to reach that potential."
For the fourth quarter, BigCommerce expects revenue between $85.8 million to $87.8 million, implying 2-4% YoY growth. The company also raised its full-year 2024 revenue guidance to a range of $331.7 million to $333.7 million.
The strong results were driven by continued growth in enterprise accounts, with annual revenue run-rate from enterprise customers up 7% YoY to $256.9 million. Enterprise accounts now represent 74% of BigCommerce's total ARR, up from 72% a year ago.
BigCommerce ended the quarter with $169.9 million in cash and marketable securities. The company generated positive free cash flow of $11 million for the first nine months of 2024.
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