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Sep 30, 2024
Sprout Social Q3 2024 Earnings Report
Sprout Social's Q3 2024 results were announced, showcasing revenue growth and increased adoption by larger customers.
Key Takeaways
Sprout Social reported a solid third quarter with a 20% increase in revenue and a 31% growth in cRPO. The company is focused on product leadership and expanding its competitive position within the Enterprise segment.
Revenue increased by 20% compared to the third quarter of 2023, reaching $102.6 million.
GAAP operating loss improved to ($16.9) million, compared to ($24.2) million in the third quarter of 2023.
The number of customers contributing over $10,000 in ARR grew by 12% year-over-year, reaching 9,119 customers.
The number of customers contributing over $50,000 in ARR increased by 29% year-over-year, reaching 1,610 customers.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2024, Sprout Social anticipates total revenue between $106.3 million and $107.1 million, and non-GAAP operating income between $8.7 million and $9.5 million. The company projects non-GAAP net income per share of between $0.15 and $0.16 based on approximately 57.6 million weighted-average shares outstanding.
Positive Outlook
- Total revenue between $106.3 million and $107.1 million.
- Non-GAAP operating income to be between $8.7 million and $9.5 million.
- Non-GAAP net income per share of between $0.15 and $0.16 based on approximately 57.6 million weighted-average shares of common stock outstanding.
- Total revenue to be between $405.1 million and $405.9 million for the full year 2024.
- Non-GAAP operating income between $27.5 million and $28.3 million for the full year 2024.
Challenges Ahead
- The Company’s fourth quarter and 2024 financial outlook is based on a number of assumptions that are subject to change and many of which are outside the Company’s control.
- If actual results vary from these assumptions, the Company’s expectations may change.
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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