Sprout Social Q2 2024 Earnings Report
Key Takeaways
Sprout Social reported Q2 2024 revenue of $99.4 million, a 25% increase year-over-year. The company grew its customer base, with significant increases in customers contributing over $10,000 and $50,000 in ARR. While GAAP operating and net losses were reported, non-GAAP operating and net incomes showed improvements compared to the previous year. The company is tracking ahead of its plan and building momentum for a stronger second half of the year.
Revenue reached $99.4 million, representing a 25% increase compared to Q2 2023.
The number of customers contributing over $10,000 in ARR grew by 21% year-over-year, reaching 8,966.
The number of customers contributing over $50,000 in ARR increased by 38% year-over-year, totaling 1,545.
Non-GAAP operating income was $5.3 million, up from $1.9 million in Q2 2023.
Sprout Social
Sprout Social
Sprout Social Revenue by Segment
Forward Guidance
For Q3 2024, Sprout Social anticipates revenue between $101.9 million and $102.1 million, non-GAAP operating income between $6.5 million and $7.5 million, and non-GAAP net income per share between $0.12 and $0.13. 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
- Total revenue between $101.9 million and $102.1 million, or growth of greater than 19%.
- Non-GAAP operating income to be between $6.5 million and $7.5 million.
- Non-GAAP net income per share of between $0.12 and $0.13 based on approximately 57.1 million weighted-average shares of common stock outstanding.
- Total revenue to be between $405.0 million and $406.0 million.
- Non-GAAP net income per share between $0.45 and $0.46 based on approximately 57.1 million weighted-average shares of common stock outstanding.
Revenue & Expenses
Visualization of income flow from segment revenue to net income