The Québec City-based firm reported US$27.9 million in revenue for its fiscal second quarter ending in September, up 43 per cent year over year. The company’s net loss was US$9.9 million, down from US$61.9 million. Coveo’s shares closed up nine per cent Tuesday on the Toronto Stock Exchange. (The Logic)

Talking point: Coveo makes AI tools that clients use to personalize and recommend content on their sites. Canadian publicly traded SaaS companies, particularly those serving retail clients, have seen growth decelerate and losses widen as consumers pull back on spending amid recession fears. But Coveo had “the strongest commerce-bookings quarter in the history of the company,” CEO Louis Têtu said on an earnings call Tuesday; the company has been selling to the e-commerce sector for just over three years. The firm maintained its full-year revenue guidance at up to US$111.5 million for its 2023 fiscal year, but cut its projected adjusted operating loss by a quarter, to up to US$25 million. Meanwhile, Coveo continues to hire, amid freezes and layoffs elsewhere. “Over the past six months, we’re seeing a much more healthy talent environment,” said Têtu, suggesting the cost of skilled labour has come down.