ChannelAdvisor revenue jumps 28 percent in fourth quarter
02/06/2014 5:27 PM
02/06/2014 5:28 PM
E-commerce technology company ChannelAdvisor posted a 28 percent jump in revenue in the fourth quarter as the company continued to add customers and boost average sales per customer.
The Morrisville company announced after the markets closed Thursday that its revenue in the fourth quarter totaled $20.5 million, versus $16 million a year ago. Analysts were projecting that revenue would come in at $19.9 million, according to Bloomberg News.
The company’s quarterly net loss, after excluding certain expenses, was $4.8 million, or 21 cents per share, versus net income of $900,000 a year ago. Analysts were expecting a loss of 28 cents per share.
CEO Scott Wingo issued a statement saying that the results show that the company’s strategy of increased spending on sales and marketing is a success.
ChannelAdvisor’s technology enables retailers to integrate and manage online sales across a multitude of sales channels. Customers also use its software to automatically advertise products on search engines such as Google and Yahoo and to promote products on Facebook.
Earlier Thursday, ChannelAdvisor shares closed at $40.07, up 43 cents.
The company added 142 customers to its core business in the fourth quarter, giving it a total of 2,429 customers. Average revenue per core customer rose 9 percent.
For all of 2013, ChannelAdvisor’s revenue rose 27 percent to $68 million. Its net loss was $15.4 million, versus a net loss of $4.3 million in 2012.
Staff writer David Ranii
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