Better-than-expected results for Cornerstone OnDemand

Key Takeaways

Cornerstone OnDemand reported a 30% year-on-year increase in total revenue for Q2 2020, reaching $184.4 million.

The company's subscription revenue increased by 33.7% year-on-year to $177.2 million, despite an operating loss of $22.4 million, which was higher than the $3.6 million loss from the previous year.

The acquisition of Saba for nearly $1.4 billion marks a significant milestone for Cornerstone, as CEO Phil Saunders emphasized the transition to operating as an integrated company and the beginning of a transformative chapter.

Cornerstone OnDemand has announced its Q2 2020 results which follow its acquisition of Saba, a talent management software solutions provider, for nearly $1.4bn in April 2020.

Cornerstone’s Q2 2020 result showed total revenue increased by 30 percent year on year to $184.4m, subscription revenue increased by 33.7 percent year on year to $177.2m, and operating loss was $22.4m compared to a loss of $3.6m in the same period last year.

Cornerstone OnDemand chief executive officer, Phil Saunders, said: “Q2 was one of the most important quarters in Cornerstone history, as the acquisition of Saba was completed and we began operating as one integrated company, while delivering strong results. We are now embarking on a brand-new chapter in Cornerstone, and we’ve already started the transformation from a great company into a great business.”

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