Thanks in part to an increase in cloud-based services, Austin-based Asure Software reported that its revenue rose in the first quarter. However, the company reported a larger loss than Wall Street analysts had expected, sending its shares down in Thursday trading.
Asure Software, whose products are used to help companies manage mobile workforces spread around the world, reported revenue of $6.7 million, a 6 percent increase from the same quarter in 2015.
Asure Software reported a widened net loss of $1.6 million, or 11 cents a share, from a loss of $500,000, or 3 cents a share, a year ago. Analysts had projected net income of 2 cents per share.
The company's shares were trading down more than 3 percent in mid-day trading.
Asure Software said cloud revenue increased 15 percent, while hardware revenue grew by 19 percent and professional services revenue was up 22 percent from the year-ago quarter.
Asure said Mangrove enables it to expand its offerings through one platform that brings workforce and workspace management together.
Mangrove's offerings are focuses on what's known as human capital management, including human resources and payroll applications that enable companies to recruit, manage, pay and analyze their workforce.
Asure's products help companies manage mobile workforces spread around the world. That includes tools for managing hoteling, which is the practice of providing office space for mobile workers on as as-needed basis rather than a traditional reserved desk.
The company said that cloud bookings in the quarter increased 69 percent from a year ago, with new customers including Boy Scouts of America, First National Bank, Detroit Medical Center and Bentley University.
"One of our primary objectives, which we developed at the start of 2016, has been to scale our business both organically and through acquisition," Pat Goepel, Asure CEO, said in a written statement. "As our financial results demonstrate, we have experienced significant traction in driving the sales of our hardware, professional services and, most notably, our cloud solutions."
Goepel said the company is on track to meet or exceed guidance for the rest of 2016.
Asure has about 150 employees worldwide, including about 100 in Austin. The company has more than 7,500 clients worldwide.
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