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Sep 30, 2023
BigCommerce Q3 2023 Earnings Report
BigCommerce's Q3 2023 performance showed progress toward long-term growth and profitability, exceeding revenue and profitability guidance amidst macroeconomic challenges.
Key Takeaways
BigCommerce announced its Q3 2023 financial results, reporting a total revenue of $78.0 million, an 8% increase year-over-year, and total ARR of $332.2 million, a 9% increase year-over-year. The company exceeded the midpoint of its guidance for revenue and profitability despite a challenging macroeconomic environment and is restructuring its workforce by approximately 7% to achieve continued strong profit growth in 2024.
Total revenue increased by 8% year-over-year to $78.0 million.
Total ARR increased by 9% year-over-year to $332.2 million.
Enterprise ARR increased by 11% year-over-year to $240.6 million.
GAAP net loss per share was ($0.27), compared to ($0.41) in the third quarter of 2022.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the fourth quarter of 2023, BigCommerce expects total revenue between $79.8 million and $83.8 million, implying a year-over-year growth rate of 10% to 16%. Non-GAAP operating income is expected to be between $1.1 million and $4.1 million. For the full year 2023, total revenue is expected to be between $305.0 million and $309.0 million, translating into a year-over-year growth rate of 9% and 11%. Non-GAAP operating loss is expected to be between ($6.9) million and ($9.9) million.
Positive Outlook
- Total revenue is expected to grow between 10% and 16% year-over-year in Q4 2023.
- Non-GAAP operating income is expected to be positive in Q4 2023, ranging from $1.1 million to $4.1 million.
- Full year 2023 total revenue is projected to grow between 9% and 11% year-over-year.
- The company's Q4 and full year financial outlook is based on several assumptions.
- BigCommerce is a leading open SaaS e-commerce platform.
Challenges Ahead
- The financial outlook is based on assumptions that are subject to change and outside of the company's control.
- There is no assurance that the company will achieve the expected results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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