Austin software maker Bazaarvoice’s revenue was flat in the company’s fiscal third quarter, but CEO Gene Austin said growth is on the way.
The online and social media marketing company on Tuesday reported revenue of $50.5 million for the quarter ended Jan. 31. That was a 1 percent increase from the same quarter a year ago.
Bazaarvoice reported a net loss of $2.7 million, compared with a net loss of $3.1 million in the same period a year ago.
On a per-share basis, the company said it had a loss of 3 cents a share. Earnings, adjusted for stock option expense and amortization costs, came to 2 cents per share.
The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
Bazaarvoice sells software that allows businesses to add reviews to their websites.
In the past two years, it has expanded its offerings to let brands and retailers analyze reviews, ratings, videos and other content posted by customers about their products.
The transition to a broader business beyond ratings and reviews will begin paying off in fiscal 2018, Austin said.
“We have been transforming the business for the last couple years away from a reviews provider into building a shopping network,” he said. “We’re excited about the foundation we’ve put in place, and we’re beginning to see the fruits of our labor pay off.”
Austin said that while “this year the company had relatively flat revenue growth, the good news is we’re going to start seeing revenue growth in our new fiscal year, which starts in May.”
A year ago, the company moved to a new 137,615-square-foot global headquarters in North Austin, which is home to about 600 employees. Bazaarvoice has about 800 employees worldwide.
Earnings were released after markets closed. Shares of Bazaarvoice closed at $4.45, down 20 cents, or 4 percent in Tuesday trading.