Procore Technologies Inc Stock Price, News & Analysis

Procore Technologies, Inc. (NYSE: PCOR) announced that Super Bowl MVP quarterback Drew Brees will be a keynote speaker at Groundbreak 2022, the leading construction technology conference, taking place in New Orleans from November 7-9. This event will gather industry professionals to explore advancements in construction management. Alongside Brees, keynote speakers include Fred Mills and Robin Roberts, discussing teamwork, talent attraction, and overcoming adversity. Groundbreak will also showcase more than 70 sessions and the Groundbreaker Awards, recognizing excellence in the construction sector.

QuoteToMe partners with Procore (NYSE:PCOR) to enhance procure-to-pay automation for the construction industry. The partnership aims to streamline procurement processes, potentially saving contractors up to 15% on materials while reducing time spent on sourcing by 75%. This integration enables users to create purchase orders via mobile or desktop, connecting seamlessly with Procore's Project Financials. Enhancing operational efficiency, it addresses the inefficiencies of traditional workflows that result in substantial waste in the $10 trillion construction market.

Procore has been selected by Mattamy Homes Canada, one of Canada’s largest home builders, to provide its construction management platform to the GTA Urban Division. This selection follows a thorough evaluation process, highlighting Procore's capacity for scalable digital transformation. The software will help streamline project management, financial oversight, and stakeholder collaboration across multiple future residential developments. This partnership is expected to enhance operational efficiency as Mattamy Homes expands its midrise and highrise offerings.

Procore Technologies, Inc. (NYSE: PCOR) has appointed Steve Davis as the new president of product and technology. With experience as the former CTO at Babylon Health and leadership roles at HomeAway and Expedia Group, Davis will lead product, design, and engineering efforts from Austin, TX. His role aims to enhance Procore's product strategy, catering to over 13,000 customers. Founder Tooey Courtemanche highlights Davis's consumer technology experience and cultural alignment as key strengths for driving innovation.

Procore Technologies (PCOR) has been selected as the construction management platform by Alex Leclerc, a family-run business in Donnacona, Québec, specializing in plumbing, heating, and gas since 1945. This decision follows a comprehensive evaluation of potential technology partners, aiming to enhance digital processes and site-to-office communications. Procore will support the company in managing bids, commitments, and real-time project status, reflecting Alex Leclerc's commitment to innovation and employee satisfaction.

Procore Technologies, Inc. (NYSE: PCOR) reported strong Q2 2022 results, with revenue of $172 million, marking a 40% year-over-year increase. The gross margin stood at 79%, while the non-GAAP gross margin was 83%. Despite a GAAP operating margin of (42%), operating cash outflow was $27 million. The company added 594 new organic customers, ending with a total of 13,403. Procore anticipates Q3 2022 revenue between $174 million and $176 million, reflecting 32%-33% growth year-over-year, and full-year revenue guidance is set at $690 million to $694 million, a 34%-35% increase.

Procore Technologies, Inc. (NYSE: PCOR) has launched its new Workforce Management solution, integrating Field Productivity and Workforce Planning tools to address the labor shortage in the construction industry. This comprehensive management solution provides contractors with real-time visibility into workforce capabilities, enhancing scheduling, tracking, and forecasting tasks. By streamlining workforce management, Procore aims to empower contractors to take on additional projects and improve operational efficiency. The solution is currently available in the U.S., Canada, Australia, and New Zealand.

Procore Technologies Inc. (NYSE: PCOR) will announce its second quarter fiscal results on August 3, 2022, after U.S. market close. A conference call to discuss these results and financial guidance is scheduled for the same day at 2:00 PM Pacific Time. Investors can dial in or access a live webcast through Procore's Investor Relations page. Procore is a leading provider of construction management software, managing over 1 million projects and $1 trillion in construction volume, connecting stakeholders with tailored solutions.

Procore Technologies (NYSE: PCOR) is partnering with Amazon Web Services (AWS) to utilize AWS IoT TwinMaker for enhancing construction data integration into facility operations. This collaboration aims to facilitate the creation of digital twins for buildings and industrial systems, enabling Procore users to streamline operations and maintenance. Tiffany LaBruno, Procore's product director, highlighted that around 80% of a project’s lifecycle cost is in the operations phase, suggesting potential cost reductions and improved project performance through this integration. Over $1 trillion in construction volume has utilized Procore's platform.