Why Bill.com Stock Was Spiking Today
Shares of Bill.com (NYSE: BILL) were climbing today after the back-office software company posted strong third-quarter results, beating analyst estimates, and said it would acquire Divvy, a privately held leader in spend management for small and medium-sized businesses (SMBs), for $2.5 billion. Bill.com, which makes cloud software that helps companies handle back-office accounting and billing, said core revenue jumped 62% to $58.6 million, while overall revenue, which includes the interest on funds held for customers, rose 45% to $59.7 million. Its adjusted loss of operations expanded as interest revenue fell in the quarter and the company continued to invest in areas like research and development.
