Sprout Social(US:SPT) GlobeNewswire News Roomยท2024-08-01 20:05Core 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]