Zuora stock falls after Q3 results

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Zuora Inc. ZUO, -6.92% stock fell 2% in the extended session Wednesday after the cloud-based subscription management platform reported fiscal third-quarter results that were above Wall Street expectations. Zuora said it lost $22.9 million, or 18 cents a share, in the quarter, compared with a net loss of $16.8 million, or 14 cents a share, in the year-ago period. Adjusted for one-time items, Zuora lost 2 cents a share. Revenue rose 16% to $89.2 million, the company said, including subscription revenue of $73.8 million, an increase of 19% year-over-year. FactSet consensus called for a loss of 2 cents a share on sales of $87 million. The quarter was “solid,” founder and Chief Executive Tien Tzuo said in a statement. The company is “confident in our strategy and believe our opportunity in the subscription economy continues to expand,” he said. Zuora ended the regular trading day down 7%.

This article was originally published by Marketwatch.com. Read the original article here.

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