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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.
Sprout Social
Sprout Social
Sprout Social Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProfessional services and other Revenue
CapyFin.com 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.
- There can be no assurance that the Company will achieve these results.
- The Company does not provide guidance for operating loss.
- The Company does not provide a reconciliation between its forecasted non-GAAP operating income, non-GAAP net income per share and non-GAAP operating margin and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income