BigCommerce Holdings Shares Rise After Strong Third Quarter Financial Results
Nov 5, 2021 By MarketDepth
BigCommerce Holdings, Inc. (NASDAQ: BIGC) stock jumped about 30% after the company announced financial results for its third quarter ended September 30, 2021. According to the report total revenue was $59.3 million, up 49% compared to the third quarter of 2020. Total annual revenue run-rate (ARR) as of September 30, 2021 was $253.5 million, up 52% compared to September 30, 2020.
“Q3 was a record quarter on many dimensions for BigCommerce, including our 49% year-over-year revenue growth rate, which was our highest as a public company. This rapid growth reflects the success of our Open SaaS platform in serving ever-larger enterprise customers, B2B and headless use cases and new European markets. Our financial results also incorporate the acquisition of Feedonomics, which provides BigCommerce merchants with market-leading capabilities in omnichannel advertising and selling across 100+ global marketplaces, search engines, social networks, and ad platforms.”Brent Bellm, chief executive officer at BigCommerce
BigCommerce Holdings, Inc. operates a software-as-a-service platform for small businesses, mid-markets, and large enterprises in the United States. The company’s platform provides various services for launching and scaling ecommerce operation, including store design, catalog management, hosting, checkout, order management, reporting, and pre-integrations.
Expanding Across Europe
BigCommerce had some major announcements and corporate highlights in the third quarter. The company announced the acquisition of data feed management platform Feedonomics, which is used by nearly 30% of the top 1,000 internet retailers. The Company extended its European presence beyond the U.K. by expanding into France, Italy and the Netherlands to work directly with local merchants and partners as the growth of ecommerce in the Eurozone continues to accelerate. As for product highlights, the company indicated that it its efforts and strategy remain focused on providing the most flexible Open SaaS ecommerce platform that empowers merchants of all sizes to sell more. The Company released Multi-Storefront to select merchants and partners, and expect this key product enhancement to be fully available to all merchants in early 2022.