Procore shares climb 19% following strong earnings beat
Carpinteria-based Procore Technologies has seen shares rocket nearly 20% since Nov. 3 after the construction management software company reported third-quarter 2026 results that handily topped analyst expectations.
Released after the markets closed Nov. 3, Procore announced revenue reached $402 million in the latest quarter, an increase of 19% year-over-year and ahead of analysts’ expectations of $384 million, according to FactSet.
The company, which has yet to finish a fiscal year without a net loss, suffered a loss of $4.5 million in the third quarter of 2026, which is well below last year’s net loss of $9.3 million. Procore is on its way to its first profitable year, however, having generated $3.2 million through the first nine months of the year.
Adjusted for one-time losses, Procore announced net income of $77.3 million, or 51 cents per share, handily beating expectations of 46 cents per share, according to FactSet.
The beat was coupled with Procore announcing that it has full-year 2026 revenue guidance in the range of $1.557 billion to $1.559 billion and fourth-quarter revenue to above $420 million. The board also discussed a new $300 million share repurchase program.
As a result of those things, shares of Procore shot up 19% on Nov. 4, with the stock closing at $75.60, its highest closing price of the year. Shares are up about 7% since the start of the year.
