On Friday, Docebo (DCBO -2.14%) took the wraps off its first quarterly earnings report of this year, and investors were none too pleased with it. This was despite double-digit -- or more -- increases in all-important subscription revenue, overall revenue, and profitability. The learning management platform operator's shares took a nearly 23% hit on the day as a result.
Double-digit gains in key fundamentals
For the quarter, Docebo's revenue was $51.4 million; this was 24% higher than the same period of 2023. Much of this comprised subscription revenue, which rose 23% to just under $49 million. Non-GAAP (generally accepted accounting principles) adjusted net income zoomed even higher, doubling and then some to $7.3 million ($0.23 per share) from the year-ago profit of $3.2 million.
On average, prognosticators following Docebo stock were modeling slightly under $51.2 million on the top line, and $0.17 per share for adjusted net income.
Management said that Docebo's customer count now stands at 3,833 as of March 31. The tally at the same time last year was 3,506. The company pointed out that among its new clients is Ansys, an international company that specializes in engineering simulation software.
Investors were looking forward, not back
There was little to be concerned about in the trailing results. Rather, it was Docebo's guidance that brought the bears on Friday. For its current second quarter, the company expects to book $52.2 million to $52.4 million in revenue. That, however, is some distance below the average analyst estimate of $53.7 million.
As for full-year 2024, Docebo is forecasting revenue growth of 17% to 18.5%.
It did not provide net income guidance for either period.
