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Mar 31, 2024
Sprout Social Q1 2024 Earnings Report
Sprout Social's financial performance in Q1 2024, marked by revenue growth and strategic leadership transition.
Key Takeaways
Sprout Social reported a 29% increase in revenue, reaching $96.8 million in Q1 2024. The company grew its customer base with over $10,000 and $50,000 in ARR, while also announcing a CEO succession plan.
Revenue increased by 29% year-over-year, reaching $96.8 million.
The number of customers contributing over $10,000 in ARR grew by 24% year-over-year.
The number of customers contributing over $50,000 in ARR grew by 44% year-over-year.
CEO succession plan was announced, with Ryan Barretto succeeding Justyn Howard.
Revenue by Segment
Forward Guidance
For Q2 2024, Sprout Social anticipates revenue between $98.5 million and $98.6 million, with non-GAAP operating income between $4.6 million and $5.0 million, and non-GAAP net income per share between $0.07 and $0.08. For the full year 2024, revenue is projected to be between $405.0 million and $406.0 million, with non-GAAP operating income between $28.0 million and $29.0 million, and non-GAAP net income per share between $0.45 and $0.46.
Positive Outlook
- Expects revenue growth of greater than 24% for Q2 2024.
- Anticipates non-GAAP operating income between $4.6 million and $5.0 million for Q2 2024.
- Projects non-GAAP net income per share between $0.07 and $0.08 for Q2 2024.
- Forecasts full year 2024 revenue between $405.0 million and $406.0 million.
- Estimates full year 2024 non-GAAP operating income between $28.0 million and $29.0 million.
Challenges Ahead
- Q1 underperformance was factored into the reduced 2024 revenue forecast.
- Enterprise seasonality was underestimated, impacting Q1 results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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