nCino, Inc. Shares Jump After Strong Earnings Report
Sep 2, 2021 By MarketDepth
nCino, Inc. (NASDAQ: NCNO) shares jumped more than 15% on Thursday after the software-as-a-service company announced financial results for its second quarter of fiscal year 2022 ended July 31, 2021.
Total revenues for the second quarter were $66.5 million, a 36% increase from $48.8 million in the second quarter of fiscal 2021. Subscription revenues for the second quarter were $53.9 million, up from $39.4 million one year ago, an increase of 37%. Non-U.S. revenues were $10.8 million or 16% of total revenues in the second quarter, up 129% year over year.
“We are extremely pleased with the results of our second quarter, which include 37% year-over year growth in subscription revenues, 129% year-over-year growth in international revenues, and record second quarter sales”Pierre Naudé, CEO of nCino
“We are extremely pleased with the results of our second quarter, which include 37% year-over year growth in subscription revenues, 129% year-over-year growth in international revenues, and record second quarter sales,” said Pierre Naudé, CEO of nCino. “In addition, today we announced that Wells Fargo, one of the top four banks in the U.S., has selected nCino to digitally transform its commercial lending operations. This growth across the U.S. and our non-U.S. markets illustrates that financial institutions of all sizes, all around the world, continue to embrace the nCino platform as part of their transition to a digital, client-first strategy.”
The Company had several major highlights this year, including a new Commercial Banking Lending deal with Wells Fargo, Expanded relationship with U.S. Bank and signed their first customer in France, a subsidiary of one of the largest banking groups in-country, which will use the nCino Bank Operating System® to accelerate its credit process and improve efficiency.