Cvent Earnings: Here’s Why Investors are Not Happy Now
Cvent (NYSE:CVT) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 5.7%.
Cvent Earnings Cheat Sheet
Revenue: Was the same at $26.94 million as the year-earlier quarter.
Actual vs. Wall St. Expectations: Cvent reported adjusted EPS income of $0.04 per share. By that measure, the company met the mean analyst estimate of $0.04. It beat the average revenue estimate of $26.77 million.
Quoting Management: “We are pleased with the company’s second quarter performance, which was highlighted by strong growth in revenue and increased demand from both new and existing customers of all sizes,” said Reggie Aggarwal, Chief Executive Officer of Cvent. “We are at the early stages of transforming the meeting and events industry with our cloud-based platform, and we believe Cvent is uniquely positioned to capitalize on this multi-billion dollar market opportunity. We believe our recent IPO will help to further advance Cvent’s leadership position by increasing our market awareness and providing us with increased resources to scale our business for the long-term.”
Key Stats (on next page)…