By Connor Hart
ServiceTitan widened its loss in its first quarter as a publicly-traded company, though revenue grew as its customer base expanded.
The Glendale, Calif.-based cloud-based software platform for trade businesses reported a third-quarter loss of $46.1 million, or $1.74 a share, in its three months ended Oct. 31. In the same quarter last year, it posted a loss of $39.7 million, or $1.53 a share.
Revenue increased 24% to $199.3 million, just beating the $198.5 million that analysts polled by FactSet were expecting.
Platform revenue grew to $191.2 million from $151.7 million a year earlier, offsetting professional services revenue, which fell slightly to $8.09 million from $8.43 million.
Co-Founder and President Vahe Kuzoyan said the company's customer base is expanding. "We are pleased with strong early adoption of our new Sales Pro and Contact Center Pro products," he added.
Its third-quarter results come after the company last month raised $625 million in its initial public offering, selling 8.8 million shares at $71 apiece.
For its current quarter, ServiceTitan guided for revenue between $199 million and $201 million, ahead of analyst expectations for $193.6 million, according to FactSet.
For its fiscal 2025, the company expects revenue between $761.6 million and $763.6 million. Analysts surveyed by FactSet are looking for $755.4 million.
Shares rose 5.9%, to $106, in after-hours trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 13, 2025 16:28 ET (21:28 GMT)
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