That description came as the construction software company reported its first. Non-GAAP profit in three years on 33-percent rise in revenue for the third quarter ended September 30. CEO Tooey Courtemanche said that company had been facing “elongated sales cycles” and saw that trend “step up” in the recently concluded period. "We are not anticipating demand will improve,” CFO Howard Fu said during the webcast The company is assuming the softness will continue through next year. For the recently ended quarter, Procore lost $43.8 million, down 38.4 percent from $71.2 million a year ago, Revenue for the most recently ending period was almost $248 million, up from $186.4 million a year ago. Non-GAAP earnings $7.7 million for the quarter compared to a non-GAAP loss of $13.4 million in last year’s corresponding period. The company said it added 363 net new organic customers during the quarter bringing the to 16,067. Despite the weaker demand, Procore forecast revenue for 2024 will range from $937 million to $939 million, a 30-percent increase year-over-year:
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PROCORE SEES SLOWING DEMAND Featured
Customer demand is weakening, Procore Technologies executives said during its recent earnings webcast.