Bill.com Holdings Inc. shares rallied more than 12% in the extended session Thursday after the software company that provides back-office software for businesses reported a narrower fiscal third-quarter adjusted loss and sales that topped views. Bill.com said it lost $26.7 million, or 32 cents a share, in the quarter, compared with a net loss of $8.3 million, or 11 cents a share, in the fiscal third quarter of 2020. Adjusted for one-time items, the company lost $1.7 million, or 2 cents a share. Sales rose 45% to $59.7 million. Analysts polled by FactSet expected an adjusted loss of 7 cents a share on sales of $54.6 million. The company guided for fiscal fourth-quarter revenue between $60.9 million and $61.9 million, and an adjusted loss between 5 cents a share and 4 cents a share. In a separate press release, Bill.com said it has agreed to buy Divvy, a maker of expense-management software, for about $2.5 billion. Both boards have approved the cash and stock deal, expected to close by the end of Bill.com’s September quarter.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
