Cornerstone said its plan to boost margins and revenue growth is going well, but the company’s fourth quarter results fell short of expectations.
The company reported a fourth quarter net loss of $9 million, or 16 cents a share, on revenue of $132 billion, up 21 percent from a year ago. On a non-GAAP basis, Cornerstone reported earnings of 19 cents a share.
Wall Street was expecting fourth quarter earnings of 21 cents a share on revenue of $133.26 million.
For 2017, Cornerstone reported a net loss of $61.3 million, or $1.07 a share, on revenue of $482 million, up 13.9 percent from a year ago.
In November, Cornerstone said it reviewed its business including takeover interest and decided to take an investment from Microsoft’s LinkedIn and Silver Lake. The plan is to boost growth and profitability.
CEO Adam Miller said:
In the last three months, we have made strong progress against our strategic transformation plan. We are making the right changes to drive recurring revenue growth and operating margins.
As for the outlook, Cornerstone projected revenue of $126 million to $128 million, up 14 percent from a year ago. Wall Street was expecting revenue of $122.36 million.
For 2018, Cornerstone is projecting revenue of $497 million to $507 million.
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