Cornerstone OnDemand, a global cloud-based learning and people development software company, has announced a net loss of $15.8 million for the third quarter of 2020, compared to a net loss of $1.2 million for the third quarter of 2019.

Revenue for the quarter was $199.5 million, up from $145 million reported in Q3 2019.

The Santa Monica, California-based company also reported results for the first nine months of 2020. It’s net loss for the period was $41.5 million, compared to a net loss of $13.5 million reported for the first nine months of 2019. Revenue for the nine-month period was $534 million, up from $426.9 million reported for the same period in the previous year.

Cornerstone OnDemand chief executive Phil Saunders said: “I’m pleased with our strong third-quarter results which show positive momentum against our goals.”

In April Cornerstone acquired talent management, learning development and coaching software firm Saba Software.

Saunders added: “I’m very proud of our team for successfully managing the initial stages of the integration and for transitioning into operating as one team. We believe our results show positive proof points that our transformation is off to a good start.”

Date published: 11 November 2020

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