Bigcommerce Holdings Inc ( (BIGC) ) has released its Q3 earnings. Here is a breakdown of the information Bigcommerce Holdings Inc presented to its investors.
BigCommerce Holdings Inc., a prominent player in the SaaS e-commerce platform space, provides businesses with tools to develop online stores catering to both B2C and B2B markets globally. The company recently released its financial results for the third quarter of 2024, highlighting a 7% year-over-year increase in total revenue, reaching $83.7 million. BigCommerce also reported an annual revenue run-rate of $347.8 million, marking a 5% increase from the previous year. The enterprise annual revenue run-rate saw a 7% growth, emphasizing the company’s strong foothold in the enterprise market. CEO Travis Hess remains optimistic, recognizing that while the current growth is encouraging, there is significant potential for further expansion. The company continues to restructure and align its strategies to accelerate growth and optimize revenue for its clients. Financially, BigCommerce demonstrated improvements with a non-GAAP net income of $4.4 million and an adjusted EBITDA of $5.4 million, signaling a shift towards profitability. The company’s restructuring initiatives, which included workforce reductions and contract terminations, aim to realign operational expenses and enhance strategic priorities. Looking ahead, BigCommerce projects a revenue growth of 2% to 4% for the fourth quarter of 2024, with total revenue expected to be between $85.8 million and $87.8 million. For the full year, the company anticipates a growth rate of 7% to 8%, reinforcing its commitment to drive sustainable growth and shareholder value.
