Afternoon Coffee: Coupa reports strong earnings; Brightfield launches Workforce Intelligence Report series; Campbell Soup forecasts supply chain issues

Amid the coronavirus disruption, Coupa reported a year-over-year increase in total revenue and subscription revenue from its business spend management offerings. Expectations of lower profits per share in the third quarter sent its stock price fluctuating, according to Investor’s Business Daily.

"Our strong financial results for the second quarter underscore the importance our customers place on business resilience and the value that Coupa is delivering to their organizations, especially amid the ever-changing macroeconomic environment," Coupa CEO Rob Bernshteyn said in a press release.

Compared to last year for the same period, its second quarter results showed that total revenues were up 32% at $125.9 million, and subscription revenues were up 34% at $111.6 million, Coupa said.

“Coupa earnings jumped 200% to 21 cents per adjusted share for the quarter ended July 31,” IBD reported about the second quarter.

Coupa’s forecast of lower profits per share in the third quarter — 2 or 3 cents per share vs. analyst estimates of 5 cents per share — caused the stock price to fall in aftermarket trading, IBD reported. The stock opened Tuesday at $271.70 per share, and it hit a daily high of $282 and a low of $268.06. Today the stock was trading at about $261 at midday.

This year, Coupa has acquired the travel & expense solution Yapta, the supplier and diversity management provider ConnXus, and the treasury management solution BELLIN. 

See Spend Matters' analysis of the deals here:

Brightfield launches its Extended Workforce Intelligence Report series

Brightfield, the provider of the Talent Data Exchange (TDX) analytics platform, has launched its new “Extended Workforce Intelligence Report” series. The report is derived from Brightfield’s database that, according to the company, “combines anonymized workforce data from participating member organizations and currently holds data on approximately $400 billion in actual contingent and extended workforce transactions.”

Replete with trend charts, category breakdowns and analyst commentary, monthly editions of the report will offer different data-analytics-based viewpoints on the extended workforce in the U.S.  The current August 2020 Edition presents Brightfield’s selection of “10 Ways COVID-19 is Reshaping U.S. Contingent Work.” These impacts include:

  • “The weekly demand for contingent workers has shrunk by half since COVID-19 hit the U.S.”
  • “All sectors have pulled back, none as dramatically as the Energy sector”
  • “The average time to fill a contingent assignment has dropped by 25%”

Each of the 10 impacts are thoroughly discussed in the report, highlighting key insights. For example, the numbers indicate the demand for new project and program managers, both for IT and non-IT projects, has fallen dramatically since January, suggesting that companies are postponing or canceling plans for new projects. But “there is evidence that companies are protecting and even accelerating existing IT projects,” some which — Brightfield speculates — may be driven by digital transformation initiatives.

We recommend downloading the report to get further insights into how COVID-19 has been impacting the U.S. contingent workforce.

To learn more about Brightfield, read our solution overview. We've covered company news in the past as well — Brightfield (TDX) raises $53 million to light up the extended workforce.

Campbell Soup anticipates supply chain issues through November

Campbell Soup Co. said it will face supply chain constraints for another quarter despite adding production capacity to its fastest-selling products, according to Supply Chain Dive.

Campbell’s has already ramped up its productivity at existing facilities during the COVID-19 pandemic. However, the coronavirus disruption has changed consumer behavior, the article said. Demand has changed for certain products. Campbell’s said it will temporarily halt production on certain products to focus on core products, but some products may not come back at all.

"When I talk about supply chain challenges, these are not executional challenges," CEO Mark Clouse told Supply Chain Dive. "This is not [COVID-19]-related impact. This is simply the sustained level of demand in certain businesses."

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