BigCommerce Shares Down 12%; Organic Outlook Seen as ‘Measured’


By Michael Dabaie

BigCommerce Holdings Inc. shares were down 12% to $62.90 in afternoon trading after a second-quarter beat and guidance an analyst described as "measured."

The software-as-a-service ecommerce platform after the bell Thursday reported second-quarter total revenue of $49 million, beating FactSet consensus for $46.8 million. Adjusted loss per share was 6 cents, narrower than FactSet consensus for a loss of 12 cents.

BigCommerce guided for third-quarter total revenue between $54.5 million and $55.0 million and adjusted operating loss between $9.5 million and $10.5 million. FactSet consensus had been for revenue of $49.8 million.

For the full year 2021, the company said it expects total revenue between $210.7 million and $211.7 million. FactSet consensus had been $197.7 million. In May the company guided for $196.7 million to $198.2 million.

"We're maintaining our market perform rating on BIGC following strong 2Q21 results that once again exceeded expectations, although the magnitude of the upside/growth moderated relative to prior quarters," Raymond James said in a note.

Raymond James said the 2021 revenue outlook raise "mostly reflects an $11 million incremental contribution from the Feedonomics acquisition and the $2 million beat in 2Q21."

BigCommerce in late July said it acquired Feedonomics in an asset purchase transaction.

"Without raising any outside capital, the Feedonomics team has built a very impressive business with healthy growth rates similar to BigCommerce and we expect that business to deliver $11 million or more in revenue for the remainder of the year post-closing," Chief Financial Officer Robert Alvarez said in the company's conference call after the quarterly results.

J.P. Morgan said in a note that "the organic raise for the back half of the year seems measured, likely to accommodate any negative repercussions from consumer spending behaviors in the 2H due to COVID-19 related ups and downs globally."

Wedbush raised its price target to $68 from $60 and kept its rating at neutral.

"BigCommerce does tend to guide conservatively, and we do continue to see upside to estimates. Importantly, BigCommerce is not seeing any noticeable slowdown from its customers, and given its exposure to mid-market enterprise and B2B, its customer trends should continue to stay strong in an environment where we have seen some impact from reopening across most of our ecommerce related coverage," Wedbush said in an analyst note.

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