Print this page

Estimated reading time: 0 minutes, 38 seconds

VERTEX SHARPLY CUTS LOSS Featured

Vertex slashed its loss for the second quarter ended June 30 by 95 percent as revenue rose by 15 percent. The indirect tax software company lost $2.6 million for the most recently ended period, down from a loss of $39.4 million a year ago.

Second-quarter revenue was $104.9 million, an increase from $91.3 million in last year's corresponding period. “Our performance reflects strong demand across all our segments and product lines this quarter, as global businesses, governments and communities work to emerge from this past year stronger than ever,” Vertex CEO David DeStefano said in a prepared statement. Cloud revenue pushed growth, increasing by 59.5 percent to $32.1 million with the company guidance for the 2021 predicting cloud revenue will rise 40 percent for the full year. Executives indicated Vertex business had benefited from an upturn in ERP business. 

Read 1359 times
Rate this item
(0 votes)