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November 8, 2018

Avalara reports $24M 3Q loss

SEATTLE (AP) — Avalara Inc. on Wednesday reported a loss of $24.1 million in its third quarter.

The Seattle-based company said it had a loss of 36 cents per share. Losses, adjusted for asset impairment costs and stock option expense, were 14 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 18 cents per share.

The provider of cloud-based software services posted revenue of $69.5 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $66.3 million.

For the current quarter ending in December, Avalara said it expects revenue in the range of $71 million to $71.5 million.

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