Coupa Software Inc (NASDAQ:COUP) stock rose 1.75% (As on June 7, 2:29:27 AM UTC-4, Source: Google Finance) after the company reported first-quarter earnings and revenue that beat Wall Street’s expectations. Coupa’s record-breaking quarterly subscription revenue, rose 27% from a year ago, to $178 million at the end of the quarter. The company also reported billings of $188 million, up 26% from a year earlier and above the expected $175.6 million that analysts had forecast. Non-GAAP operating income was $13.8 million, compared to $7.0 million for the same period last year. Non-GAAP net income attributable to Coupa Software Incorporated was $5.5 million, compared to $5.0 million for the same period last year. Operating cash flows and adjusted free cash flows were $49.7 million and $45.6 million, respectively.

COUP in the first quarter of FY 23 has reported the adjusted earnings per share of 8 cents, beating the analysts’ estimates for the adjusted earnings per share of 5 cents. The company had reported the adjusted revenue growth of 18 percent to $196 million in the first quarter of FY 23, beating the analysts’ estimates for revenue of $191 million.

For the current quarter, Coupa is forecasting a profit of between sevens and 10 cents per share on revenue of $202 million to $205 million. Wall Street is looking for a profit of a nickel per share on sales of $205.3 million. For the second quarter 2023, subscription revenues are expected to be $185.0 to $188.0 million. Professional services and other revenues are expected to be approximately $17.0 million. Non-GAAP income from operations is expected to be $9.0 to $12.0 million.

For full year fiscal 2023, the total revenues are expected to be $838.0 to $843.0 million, Subscription revenues are expected to be $762.0 to $767.0 million, Professional services and other revenues are expected to be approximately $76.0 million, Non-GAAP income from operations is expected to be $36.0 to $41.0 million and Non-GAAP net income per diluted share attributable to Coupa Software Incorporated is expected to be $0.21 to $0.27 per share.

Meanwhile, the company has launched new innovations to help companies modernize back office functions and accelerate ESG programs, including new solutions for Scope 3 emissions tracking, bid price insights, and supply chain financing. The company has launched a multi-year brand partnership with the New York Yankees that will showcase Coupa throughout the fan experience.