PALO ALTO, Calif. (AP) ? Jive Software Inc., which makes Facebook-style social networks for businesses, reported a wider fourth-quarter net loss on Tuesday, weighed by higher expenses even as its revenue grew sharply.
The company, which went public in December, posted a net loss of $12.7 million, or 39 cents per share, in the three months that ended Dec. 31. That compares with a loss of $6.8 million, or 30 cents per share, in the same period a year earlier.
Excluding items, Jive reported a loss of 28 cents per share in the latest quarter, surpassing Wall Street’s expectations.
Revenue rose 53 percent to $22.5 million from $14.7 million.
Analysts, on average, were expecting earnings of 37 cents per share on revenue of $21 million, according to FactSet.
Operating expenses rose 64 percent to $24.5 million from $14.9 million as sales, marketing and general and administrative expenses grew, along with research and development.
Jive’s chairman and CEO, Tony Zingale, called the quarter a “strong finish to a remarkable year.”
“Jive is increasingly being adopted by large global organizations that are investing in social business to change the way work gets done,” he said in a statement.
Jive said its initial public offering generated net proceeds of $131.4 million. The company used $19.9 million of this to pay down debt. Jive began trading publicly on Dec. 13.
For the current quarter, Jive expects an adjusted loss of 13 cents to 14 cents per share and revenue of $23.5 million to $24.5 million.
Analysts are predicting a loss of 14 cents per share on revenue of $22.9 million.
The company’s shares climbed 21 cents to $17.15 in after-hours trading after closing at $16.94. The stock has traded in the range of $14.18 and $17.75 since its IPO, after pricing at $12.