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Sep 30, 2023
Sprout Social Q3 2023 Earnings Report
Sprout Social's Q3 2023 financial results were announced, exceeding the guidance range and leading to an increased 2023 guidance.
Key Takeaways
Sprout Social reported strong third-quarter results, with revenue reaching $85.5 million, a 31% increase year-over-year. The company grew its number of customers contributing over $10,000 and $50,000 in ARR, while total customers decreased by 5%.
Revenue was $85.5 million, up 31% compared to the third quarter of 2022.
ARR was $359.5 million, up 33% compared to the third quarter of 2022.
The number of customers contributing over $10,000 in ARR grew by 33% to 8,111.
The number of customers contributing over $50,000 in ARR grew by 49% to 1,252.
Revenue by Segment
Forward Guidance
For Q4 2023, Sprout Social expects revenue between $90.5 million and $90.6 million, Non-GAAP operating income between $0.6 million and $0.7 million, and Non-GAAP net income per share between $0.00 and $0.01. For the full year 2023, the company expects revenue between $330.6 million and $330.7 million, and Non-GAAP net income per share between $0.12 and $0.13.
Positive Outlook
- Total revenue to be between $90.5 million and $90.6 million for Q4 2023.
- Non-GAAP operating income to be between $0.6 million and $0.7 million for Q4 2023.
- Non-GAAP net income per share of between $0.00 and $0.01 for Q4 2023.
- Implied ARR growth rate exiting 2023 to be approximately 30%.
- Non-GAAP net income per share between $0.12 and $0.13 for the full year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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