Retail

BigCommerce Reports 33 Pct Revenue Growth

BigCommerce Reports 33 Pct Revenue Growth

BigCommerce Holdings Inc. reported that accounts over $2,000 in annual contract value (ACV) totaled 9,378 for Q2 2020, marking a 7 percent rise in contrast to Q2 2019, according to an announcement.

The eCommerce technology company also reported that average revenue per account (ARPA) of accounts over $2,000 in ACV was $12,936, marking a 29 percent jump in contrast to Q2 2019, according to the announcement.

“In Q2, our first quarter reported as a public company, strong execution and continued adoption of the BigCommerce platform drove total revenue growth of 33% year-over-year,” BigCommerce CEO Brent Bellm said in the announcement. “The momentum in our business continues to strengthen and we believe our open SaaS platform — designed to deliver speed, flexibility, and innovation — best positions our merchants for the new era of ecommerce.”

BigCommerce said it keeps dedicating resources to creating its software-as-a-service (SaaS) platform, with investments such as the Order Refunds application programming interface (API), Page Builder and growing control panel languages to also encompass Spanish as well as Italian.

The company also indicated in the announcement that it added sites from nine Forbes Global 2000 companies in the first half of the year.

On Aug. 4, the company finished its initial public offering (IPO) and sold 7.9 million shares in Series 1 common stock to the public at $24 for each share for a roughly $175.8 million in net proceeds to the firm overall.

As for its overall results, BigCommerce reported a non-GAAP net loss per share of 38 cents on total revenue of $36.3 million. Analysts had expected a loss per share of 32 cents on $34.37 million in revenue.

The company expects total revenue in the range of $35.9 million to $36.3 million for Q3 2020 and a non-GAAP operating loss in the range of $10.4 million and $10.1 million.

The news comes as BigCommerce unveiled a partnership with Facebook in August. The firm indicated at the time that its checkout service had become available on the Instagram app.

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