Business
Sprout Social Announces Second Quarter 2023 Financial Results Above Guidance Range
CHICAGO, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Sprout Social, Inc. (“Sprout Social”, the “Company”) (Nasdaq: SPT), an industry-leading provider of cloud-based
About this update from Sprout Social, Inc
[{"type":"text","content":"CHICAGO, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Sprout Social, Inc. (“Sprout Social”, the “Company”) (Nasdaq: SPT), an industry-leading provider of cloud-based social media management software, today announced financial results for its second quarter ended June 30, 2023. “Our strategic business transformation is becoming more pronounced and has Sprout at the beginning of our next great growth chapter,” said Justyn Howard, Sprout Social’s CEO and co-founder. “Our enterprise growth rate has further accelerated, our partnerships continue to show great progress and our multi-year investments in customer care, AI & automation each provide confidence in increasingly durable and efficient growth. Our acquisition of Tagger positions Sprout to extend our leadership into the influencer marketing market for a new growth and value creation opportunity.” Second Quarter 2023 Financial Highlights Revenue Revenue was $79.3 million, up 29% compared to the second quarter of 2022.ARR from customers contributing >$2,000 in ARR grew 33% year-over-year and represents 96% of total ARR.ARR was $326.1 million, up 27% compared to the second quarter of 2022.Total remaining performance obligations (RPO) of $206.4M, up 62% year-over-year and a record 63% of ARR.Acquired a record 176 customers through our partnership with Salesforce. Operating Loss GAAP operating loss was ($14.9) million, compared to ($14.5) million in the second quarter of 2022.Non-GAAP operating income was $1.9 million, compared to a Non-GAAP operating loss of ($1.9) million in the second quarter of 2022. Net Loss GAAP net loss was ($13.1) million, compared to ($14.6) million in the second quarter of 2022.Non-GAAP net income was $3.8 million, compared to a Non-GAAP net loss of ($1.9) million in the second quarter of 2022.GAAP net loss per share was ($0.24) based on 55.5 million weighted-average shares of common stock outstanding, compared to ($0.27) based on 54.5 million weighted-average shares of common stock outstanding in the second quarter of 2022.Non-GAAP net income per share was $0.07 based on 55.5 million weighted-average shares of common stock outstanding, compared to Non-GAAP net loss per share of ($0.04) based on 54.5 million weighted-average shares of common stock outstanding in the second quarter of 2022. Cash Cash and equivalents and marketable securities totaled $192.4 million as ...