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Coupa Software (COUP) – a $6 billion cloud software spend management platform based in San Mateo, CA – reported 1Q22 earnings Monday afternoon. Everything looked good to me: Revenue was +18% year over year to $196 million while EPS was up one cent to 8 cents. COUP also raised full-year guidance to revenue of $838-$843 million (from $836-$840 million) and EPS of 21-27 cents (from 15-19 cents).

The issue is valuation: COUP trades at 7x the midpoint of its full-year revenue guidance and 300x its full-year EPS guidance. On the other hand, COUP has already lost 80% of its value since Feb 2021. So pay attention to how COUP trades Tuesday to see if investors think speculative tech is beaten down enough for now.