Guidewire Software, a leading insurance-software provider based in San Mateo, California, reported better-than-expected results for its fiscal first quarter. The company’s loss narrowed to $27.1 million, or 33 cents per share, for the quarter ended October 31, compared to a loss of $69.3 million, or 83 cents per share, in the same period last year. Analysts had forecasted a per-share loss of 56 cents.
After adjusting for certain one-time items, Guidewire Software reported a narrower-than-expected adjusted per-share loss of less than one cent. Analysts surveyed by FactSet had predicted a loss of 16 cents per share.
Revenue for the quarter climbed 6% to $207.4 million, surpassing analysts’ expectations of $200.9 million.
Jeff Cooper, the Finance Chief of Guidewire Software, expressed excitement about the company’s progress, stating that they were approaching a critical turning point in terms of profitability. The company’s margins exceeded expectations during the quarter.
Guidewire Software’s annual recurring revenue also saw an increase to $770 million from $763 million in the previous quarter. Analysts had anticipated revenue of $757.8 million.