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PROCORE TO TOP $1 BILLION Featured

Procore Technologies expects to top $1 billion in revenue for the year ending December 31. The company noted its 2024 guidance in its recent earnings webcast for the second quarter ended June 30.

With the growth, the company is changing its go-to-market model,  CEO Toohy Courtemanche said during the webcast. The new plan includes having general managers covering North America, Europe, Australia, New Zealand, and the Middle East. “The general managers of these respective regions are going to be better positioned to determine specific strategies and tactics for that particular country,” Courtemanche said. He noted the construction software company “will begin building out more robust public sector and channel motions” which include seeking FedRamp authorization. In response to analyst questions, he declined to provide specifics about plans for channel expansion, but said growth would include the United States and international operations. For the quarter, Procore lost $6.3 million, compared to a loss of $52.9 million a year ago. Revenue rose to $284.3 million for the most recently ended period, up 24.4 percent from $228.5 million a year ago.

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