Welcome to our dedicated page for Procore Technologies news (Ticker: PCOR), a resource for investors and traders seeking the latest updates and insights on Procore Technologies stock.
Procore Technologies, Inc. (PCOR) is a leader in cloud-based construction management solutions. The company offers an award-winning suite of project management tools designed to streamline and mobilize project communications and documentation. With its platform, Procore aims to enhance project efficiency and accountability, thereby minimizing delays and reducing risks. This ultimately boosts profits for construction firms.
Procore's software is used globally by hundreds of thousands of registered users who manage a wide range of construction projects, from industrial plants and office buildings to university facilities and retail centers. The platform helps these firms transition from traditional paper-based documentation and email chains to a more efficient, integrated digital system.
The company's product line includes several specialized tools such as Design Coordination, Building Information Modeling (BIM), Field Productivity, Project Financials, Invoice Management, Portfolio Financials, Capital Planning, Accounting Integrations, and Analytics. These products are hosted on Procore's cloud-based SaaS platform, which is accessible via subscription. Revenue is generated through these subscriptions, which are sold for a fixed fee and recognized over the subscription term.
Recent Achievements and Projects:
- Procore has significantly expanded its market presence, partnering with major construction firms globally.
- The company has continuously updated its software suite to include advanced features, reflecting the latest technological advancements in the construction industry.
- Procore has received numerous accolades for its innovative solutions and exceptional customer support.
Procore Technologies is committed to helping construction professionals achieve greater project success through better collaboration and real-time data accessibility. The company's platform is designed to support the entire construction lifecycle, from pre-construction planning to project closeout, ensuring that all stakeholders are on the same page and can make informed decisions quickly.
Procore Technologies (NYSE: PCOR) has launched Procore Risk Advisors, a modern construction brokerage aimed at enhancing insurance solutions for the construction industry. This service offers exclusive A+ rated insurance programs in collaboration with Allianz Global Corporate & Specialty and Swiss Re. Procore Risk Advisors will use data-driven insights from Procore's platform to help clients secure more favorable insurance terms and pricing, rewarding clients for risk mitigation and technology adoption. This initiative aligns with Procore's goal of improving operational efficiency and safety within the construction realm.
Procore Technologies, Inc. (NYSE: PCOR) has appointed Sarah Hodges as its new chief marketing officer (CMO), effective immediately. Hodges will drive the strategic marketing plan and oversee all marketing operations worldwide to align with Procore’s financial and business goals. Recognized for her extensive experience in SaaS marketing, Hodges previously held leadership roles at Autodesk, bringing over 20 years of expertise. Procore aims to enhance its brand and expand its industry impact under her leadership. Hodges holds a marketing and communications degree from Northeastern University.
Procore Technologies, Inc. (NYSE: PCOR) reported strong financial results for Q4 and full year 2022, showcasing a 38% increase in revenue to $202 million and a year-over-year revenue growth of 40% for the full year, reaching $720 million. The company’s gross margin stood at 80% (GAAP) and 84% (non-GAAP), while short-term RPO grew 34% year-over-year, totaling $798 million. Leadership changes were announced, with Paul Lyandres transitioning to President of Fintech and Howard Fu stepping up as CFO. For 2023, Procore anticipates revenue growth of 24-25%, projecting $895-$900 million, while maintaining a non-GAAP operating margin of (6.5%) to (7.5%).
Procore Technologies, Inc. (NYSE: PCOR), a leader in construction management software, will announce its fourth quarter and full year 2022 financial results on February 16, 2023, after U.S. market close. A conference call will be held on the same day at 2:00 PM PT to discuss the results and future financial guidance. Procore has successfully managed over 1 million projects with a combined construction volume exceeding $1 trillion USD, emphasizing its significance within the industry. This call will offer insights into the company's performance and strategic direction.
BZI Steel has partnered with Procore Technologies, Inc. (NYSE: PCOR) to enhance construction efficiencies and prioritize jobsite safety. BZI Steel, known for its steel fabrication and erection, aims to integrate Procore's construction management software into its processes. This collaboration focuses on minimizing risks, improving project management, and fostering technological innovation in the construction sector. A recent McKinsey study indicates that construction technology adoption is lagging, yet 60% of surveyed professionals expect significant advancements in the next five years, highlighting the potential for growth in this partnership.
Procore Technologies (NYSE: PCOR) has released its inaugural 2022 Environmental, Social, and Governance (ESG) Report, showcasing its strong commitment to sustainable construction practices. The report outlines four key ESG pillars: Environmental Stewardship, Our People, Social Impact, and Responsible Business Practices. Highlights include efforts to reduce construction waste, provide educational access to construction management programs, and enhance board diversity with 44% female representation. Procore emphasizes its dedication to long-term sustainability and social responsibility.
Procore Technologies, Inc. (NYSE: PCOR) has appointed Olga Kibler as the new Chief People Officer, effective immediately. Kibler, who has over 20 years of experience in HR, previously served at Five9 and DocuSign, leading human resources during periods of significant growth. She will oversee Procore's Global Talent Organization as the company expands its workforce globally. Founder and CEO Tooey Courtemanche emphasized Kibler's importance in fostering a high-performing team culture and enhancing employee experience.
Procore Technologies, Inc. (NYSE: PCOR) announced the winners of the 2022 Groundbreaker Awards at their annual event in New Orleans. The awards honor excellence in the construction industry, recognizing 27 finalists and nine winners across various categories such as sustainability, workforce development, and innovation. Notable winners include Hathaway Dinwiddie for Sustainability and Atul Paralkar from Holt Construction Corp. as Groundbreaker of the Year. Procore's platform has facilitated over 1 million projects and $1 trillion in construction volume, reinforcing its role as a leader in construction management software.
FAQ
What is the current stock price of Procore Technologies (PCOR)?
What is the market cap of Procore Technologies (PCOR)?
What does Procore Technologies, Inc. do?
How does Procore generate revenue?
What types of projects use Procore's software?
What are some key features of Procore's software suite?
How does Procore help construction firms?
Is Procore's software cloud-based?
Can Procore's software reduce project delays?
What recent achievements has Procore accomplished?
Who uses Procore's software?
What is the main goal of Procore Technologies?
