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Procore Technologies, Inc. (PCOR) Q4 2023 Earnings Call Transcript

Procore Technologies (PCOR) came out with quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to loss of $0.08 per share a year ago.

Will the software industry still be the darling of 2024? Its comeback in 2023, thanks to the market embracing AI, pushed the sector to greater heights.

IPO Stock Of The Week Procore Technologies is nearing a fresh buy point, but PCOR stock has a flaw that investors should watch.

Alphabet recently released its new Google Gemini AI model. Procore is introducing a copilot to improve efficiency.

Procore is the leading vendor in the construction industry software space. After quarters of watchful scrutiny, the company finally saw elongated sales cycles at the end of Q3 and has significantly reduced its growth expectations for this quarter and for 2024. Despite the revenue growth slowdown, the company has been able to achieve significant improvements in operating margins and free cash flow.

Procore Technologies (PCOR) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Procore Technologies (PCOR) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.

Procore Technologies, Inc. (NYSE:PCOR ) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Matthew Puljiz - Vice President, Finance Tooey Courtemanche - Founder, President and Chief Executive Officer Howard Fu - Chief Financial Officer Conference Call Participants Brent Bracelin - Piper Sandler DJ Hynes - Canaccord Saket Kalia - Barclays Mike Richards - Stifel Jason Celino - KeyBanc Daniel Jester - BMO Dylan Becker - William Blair Brent Thill - Jefferies Nick Altmann - Deutsche Bank Operator [Abrupt Start] I will be your moderator today. [Operator Instructions] I would now like to pass the conference over to our host, Matthew Puljiz with Procore.

IPO Stock Of The Week, software leader Procore Technologies, is approaching its latest buy point in today's stock market action.