Afternoon Coffee: Coupa Beats 3Q Earnings Estimates; Despite U.S.-China Tariff Truce, Stocks Slide

MIND AND I/Adobe Stock

Coupa’s third-quarter earnings report this week showed that the provider of business spend management (BSM) solutions beat expectations by reporting it earned 8 cents per share in Q3 and saw revenue rise 42% to $67.5 million, according to Investor’s Business Daily. That compares to the year-earlier results of a per-share loss of 5 cents on revenue of $47.3 million.

“Analysts expected Coupa to report a loss of 3 cents a share on revenue of $62.6 million for the period ended Oct. 31,” Investor’s Business Daily reports.

Looking ahead, Coupa’s estimates for next quarter expect the share price to break even, and analysts had expected a 9-cent loss, IBD reports. Coupa puts its revenue forecast at $68 million, and analysts had it at $64 million, IBD reports.

Dow Falls 600 Points

Investors don’t seem to believe that the tariff freeze between U.S. and China is enough to allay concerns about the situation, Bloomberg News reports. The Dow was down 600 points Tuesday, and other markets had erased gains made after the countries announced a delay in ramping up tariffs on Jan. 1, Bloomberg News reports. And from CNBC, there’s this headline: ‘I am a Tariff Man’: Trump threatens to restart trade war if China talks fail.

Contempt Vote on Brexit

The British Parliament delivered a historic rebuke to Prime Minister Theresa May’s government for not releasing details about key advice on the Brexit deal, which has a vote Dec. 11, the Associated Press reports. In a vote Tuesday, it ruled that the government was in contempt of Parliament — the first time that’s ever happened, the AP reported. Afterward, the government said it would release the full details on advice given by the attorney general.

Lockheed, Airbus Target Boeing

And, finally, an update on airplanes: U.S. defense contractor Lockheed Martin is joining with Europe’s Airbus to challenge Boeing to build airborne refueling tankers for U.S. military aircraft, the Wall Street Journal reports. Boeing has the current contract but has faced delays and cost overruns, the WSJ reports.

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