Shares of construction management software maker Procore Technologies (NYSE:PCOR) jumped 5.47% in the after-market session after the company reported first-quarter results that exceeded analysts' revenue, free cash flow, and earnings per share expectations. Customer growth also accelerated. Revenue guidance for the next quarter and full year also came in line with Consensus estimates. Overall it was a strong quarter for the company.
What is the market telling us:
Procore Technologies's shares are quite volatile and over the last year have had 40 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Procore Technologies is up 19% since the beginning of the year, but at $55.85 per share it is still trading 17.9% below its 52-week high of $68.01 from February 2023. Investors who bought $1,000 worth of Procore Technologies's shares at the IPO in May 2021 would now be looking at an investment worth $633.13.
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