Core Insights - Sprout Social reported a revenue of $99.4 million for Q2 2024, representing a 25% increase compared to Q2 2023 [2][3] - The company achieved a total remaining performance obligations (RPO) of $295.1 million, up 43% year-over-year, and current remaining performance obligations (cRPO) of $212.5 million, up 38% year-over-year [2] - Non-GAAP operating income was $5.3 million, compared to $1.9 million in the same quarter last year, while GAAP operating loss was $16.5 million [3] - The net loss for Q2 2024 was $16.9 million, compared to a net loss of $13.1 million in Q2 2023 [3] - Cash and equivalents totaled $93.2 million as of June 30, 2024, slightly down from $95.2 million at the end of Q1 2024 [4] Financial Highlights - Revenue breakdown: Subscription revenue was $98.5 million, and professional services and other revenue was $0.9 million [39] - Gross profit for Q2 2024 was $76.994 million, up from $61.081 million in Q2 2023 [39] - Total operating expenses increased to $93.507 million from $75.998 million year-over-year [39] Customer Metrics - The number of customers contributing over $10,000 in ARR grew to 8,966, a 21% increase year-over-year [6] - The number of customers contributing over $50,000 in ARR increased to 1,545, up 38% compared to the previous year [6] - Notable customer expansions included Salesforce and Honda, while new customers included Metropolitan Transportation Authority and American Outdoor Brands [6] Business Developments - Sprout Social was recognized as a leader in G2's 2024 Summer Reports across 200 categories and launched AI-powered product enhancements [7] - Erika Trautman was appointed as Chief Product Officer to oversee the global product organization [7] Outlook - For Q3 2024, the company expects total revenue between $101.9 million and $102.1 million, indicating growth of over 19% [8] - The full-year 2024 revenue forecast is between $405.0 million and $406.0 million, assuming more than 20% organic growth [9]

SO WHAT: If you purchased Sprout Social securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. To join the Sprout Social class action, go to https://rosenlegal.com/submit-form/?case_id=25140 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Sprou ...

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics. DJS Law Group DEADLINE: July 12, 2024 If you are a shareholder who suffered a loss, please contact David Schwartz, the managing partner of DJS Law Group, at [email protected] WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and ...

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Sprout Social, Inc. regarding a class action lawsuit due to alleged misleading statements and failures to disclose material information during a specified class period [1][4]. Group 1: Class Action Details - The class period for the lawsuit is from November 3, 2021, to May 2, 2024, with a registration deadline of July 12, 2024 [2]. - Shareholders who purchased shares during this period are encouraged to register for the class action and may be eligible for recovery [3][5]. Group 2: Allegations Against the Company - The complaint alleges that the company made materially false and/or misleading statements regarding its sales and revenue growth, which were not reflective of its transition to an enterprise sales cycle [4]. - It is claimed that the company faced integration challenges with its acquisition of Tagger, leading to self-induced sales headwinds and necessitating a revision of fiscal year 2024 revenue guidance [4]. - The positive statements made by the defendants about the company's business and prospects are alleged to be materially misleading and lacking a reasonable basis [4].

CHICAGO, July 11, 2024 (GLOBE NEWSWIRE) -- Sprout Social, an industry-leading provider of cloud-based social media management software, has been recognized by G2's 2024 Summer Reports as a leader in 211 categories spanning all business segments, from small business to mid-market and enterprise, and across every region including EMEA, APAC, and the Middle East. The company earns these recognitions after being named G2's #1 Best Software Product for 2024. These rankings complement Sprout Social's growth in 20 ...

CHICAGO, July 11, 2024 (GLOBE NEWSWIRE) -- Sprout Social, an industry-leading provider of cloud-based social media management software, has been recognized by G2's 2024 Summer Reports as a leader in 211 categories spanning all business segments, from small business to mid-market and enterprise, and across every region including EMEA, APAC, and the Middle East. The company earns these recognitions after being named G2's #1 Best Software Product for 2024. "Our leadership in G2's awards are incredibly meaningf ...

Core Viewpoint - A class action securities lawsuit has been filed against Sprout Social, Inc. for alleged securities fraud affecting investors between November 3, 2021, and May 2, 2024 [1][2]. Group 1: Allegations and Company Performance - The lawsuit claims that the company's sales and revenue growth did not accurately reflect its transition to an enterprise sales cycle [2]. - It is alleged that the company faced integration challenges with its acquisition of Tagger, impacting its performance [2]. - The complaint states that these issues led to "self-inducing sales headwinds," resulting in a revision of the fiscal year 2024 revenue guidance [2]. - Positive statements made by the defendants regarding the company's business and prospects were deemed materially misleading [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until July 12, 2024, to request to be appointed as lead plaintiff [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and there are no out-of-pocket costs for class members [3]. Group 3: Law Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the U.S. [4].

Core Viewpoint - A class action lawsuit has been filed against Sprout Social, Inc. for alleged violations of securities laws, claiming that the company made false and misleading statements regarding its sales growth and revenue guidance [1][6]. Group 1: Lawsuit Details - The lawsuit is based on violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 [1]. - The class period for the lawsuit is from November 2, 2023, to May 2, 2024 [5]. - The class has not yet been certified, meaning that affected shareholders are not currently represented by an attorney [3]. Group 2: Allegations Against the Company - The complaint alleges that Sprout's sales growth was not indicative of future performance as the company transitioned to an enterprise sales cycle [6]. - It is claimed that the company failed to effectively integrate its Tagger acquisition and faced self-induced sales challenges [6]. - The company is accused of needing to revise its fiscal year 2024 revenue guidance, which led to misleading public statements [6].

Core Viewpoint - The Gross Law Firm is representing shareholders of Sprout Social, Inc. in a class action lawsuit due to alleged misleading statements and omissions that inflated the company's stock price [1][5]. Group 1: Class Action Details - The class period for the lawsuit is from November 3, 2021, to May 2, 2024, with a deadline for lead plaintiff registration set for July 12, 2024 [3][6]. - Shareholders who purchased shares during the class period are encouraged to register for potential recovery [2][3]. Group 2: Allegations Against the Company - The complaint alleges that the company made materially false and misleading statements regarding its sales and revenue growth, which did not reflect its transition to an enterprise sales cycle [5]. - It is claimed that the company faced integration challenges with its acquisition of Tagger, leading to self-induced sales headwinds and a revision of fiscal year 2024 revenue guidance [5]. - The positive statements made by the defendants about the company's business operations and prospects were allegedly materially misleading and lacked a reasonable basis [5]. Group 3: Next Steps for Shareholders - Registered shareholders will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [6]. - Participation in the case incurs no cost or obligation for shareholders [6].

Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 case@rosenlegal.com www.rosenlegal.com NEW YORK, July 08, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Sprout Social, Inc. (NASDAQ: SPT) between November 2, 2023 and M ...