The San Francisco-based provider of cloud-based service revenue management technology forecast adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) above $2.5 million for the three months ended Sept. 30 with revenue seen exceeding $49 million.
For the full year, the company now expects revenue above $195 million, better than its prior projection for revenue ranging from $190 million to $192 million.
The current average estimates of analysts polled by Thomson Reuters are revenue of $46.1 million in the September quarter and $191.9 million for the year. The company's prior forecast was for adjusted EBITDA of between $500,000 and $1 million, and revenue of $45 million to $46 million.ServiceSource also said it expects net income and non-GAAP earnings per share to come in above its previous guidance for a net loss of $4.5 million to $5 million and non-GAAP results of between breakeven and a loss of a penny per share. The stock was last quoted at $15, up 12.4%, on volume of more than 100,000, according to Nasdaq.com. Wall Street was bullish on ServiceSource ahead of the news with nine of the 10 analysts covering the stock at either strong buy (3) or buy (6). ServiceSource went public in late March, selling nearly 12 million shares at $10 each. The stock reached a high of $23.60 on June 30.