Bending Spoons S.p.A. (NASDAQ:BSP) shares fell 1.5% in Thursday premarket trading despite the Milan-based software company reporting second-quarter earnings and revenue above Wall Street expectations. Strong acquisition-driven growth helped more than double quarterly revenue, but a full-year sales outlook below analyst forecasts tempered the market’s reaction.
Bending Spoons beats Q2 forecasts
Bending Spoons reported adjusted earnings of $0.46 per share for the second quarter, comfortably exceeding the analyst consensus of $0.27 by $0.19.
Revenue reached $704 million, ahead of Wall Street expectations of $685 million and up 126% from $311.1 million in the same quarter of 2025.
The sharp year-over-year increase reflected the company’s aggressive acquisition strategy, with businesses including AOL, Eventbrite, Harvest, MileIQ, Tractive and Vimeo contributing to reported growth.
Organic revenue growth was considerably more modest at 3% during the quarter. Tractive and WeTransfer were the largest positive contributors, while declining revenue from Remini and Splice partially offset those gains.
Third-quarter revenue forecast edges above consensus
For the third quarter of 2026, Bending Spoons expects revenue of between $733 million and $745 million.
At $739 million, the midpoint of the guidance is slightly ahead of the analyst consensus forecast of $738.6 million.
The company also expects adjusted operating income of between $380 million and $400 million for the third quarter, indicating continued strong profitability as its expanded portfolio contributes to earnings.
The near-term outlook therefore remained relatively solid despite greater caution surrounding expectations for the full year.
Full-year revenue guidance disappoints
For fiscal 2026, Bending Spoons forecast revenue of between $2.78 billion and $2.82 billion.
The midpoint of $2.80 billion sits below Wall Street’s consensus estimate of $2.895 billion, providing a potential explanation for the decline in the shares despite the second-quarter earnings beat.
Full-year adjusted operating income is expected to range from $1.46 billion to $1.51 billion.
Investors are likely to focus on whether the company can accelerate organic growth across its portfolio, particularly given that acquisitions accounted for much of the substantial increase in reported second-quarter revenue.
Operating income rises sharply
Profitability improved significantly alongside the expansion in revenue.
Operating income increased 139% year over year to $240 million, while adjusted operating income surged 150% to $381 million.
The growth in adjusted operating income outpaced the already substantial increase in revenue, highlighting the company’s ability to generate significant earnings from its enlarged software portfolio.
Maintaining that level of profitability while integrating recently acquired businesses will remain an important measure of execution as Bending Spoons continues to expand.
IPO raises $1.1 billion
The second quarter also marked an important milestone for Bending Spoons as the company completed its initial public offering on the Nasdaq Global Select Market.
The transaction generated approximately $1.10 billion in net proceeds after underwriting costs, strengthening the company’s financial resources as it continues pursuing acquisitions and investing across its software portfolio.
Bending Spoons ended the quarter with $793 million in cash and cash equivalents.
It also had approximately $1.28 billion of borrowing capacity available through its revolving credit facilities, while its leverage ratio stood at 2.4×.
Acquisition strategy remains central to growth
Bending Spoons continued its acquisition activity during the quarter, completing the purchase of Tractive in May.
The pet tracking and health monitoring business was acquired at an enterprise value of $759 million.
The company also entered into a definitive agreement to acquire Airtable for $1.29 billion in an all-cash transaction, potentially adding another major software platform to its portfolio.
These transactions follow a broader acquisition strategy that has already brought businesses including AOL, Eventbrite, Harvest, MileIQ and Vimeo under Bending Spoons’ ownership.
While the strategy has driven rapid reported revenue growth, the 3% organic growth rate means investors are likely to continue assessing how effectively the company can expand its acquired businesses independently of further transactions.
Investors weigh strong results against softer annual outlook
Bending Spoons delivered a substantial earnings beat, 126% year-over-year revenue growth and strong operating income expansion during the second quarter.
However, the midpoint of its full-year revenue guidance remains below analyst expectations, helping explain the 1.5% premarket decline.
With a growing portfolio, substantial IPO proceeds and further acquisitions underway, attention will now turn to integration and organic growth as investors assess whether Bending Spoons can sustain its rapid expansion while maintaining strong profitability.