By Jon Swartz
Qualtrics International Inc.’s stock rose 2% in extended trading on Wednesday after the software company reported fourth-quarter results and revenue guidance that beat analysts’ forecasts.
Qualtrics (XM) reported on Wednesday that revenue jumped 23% to $389.1 million from $316 million a year ago. Qualtrics lost $256.4 million, or 43 cents per share, compared to a loss of $309.8 million, or 56 cents per share, a year ago. Adjusted earnings were 3 cents per share, an improvement from an adjusted loss of 7 cents per share in the holiday quarter a year ago.
Analysts polled by FactSet had estimated fourth-quarter revenue of $381 million and adjusted earnings of 2 cents per share.
Qualtrics offered a revenue forecast of between $392 million and $394 million for the first quarter, beating analysts’ average estimate of $391 million, according to FactSet. The executives’ annual forecast, however, was slightly lower than analysts’ expectations: Qualtrics forecast sales for 2023 of $1.66 billion to $1.67 billion, while analysts expected $1.69 billion. dollars on average, according to FactSet.
A brutal macro environment of cost savings and greater efficiency amid tens of thousands of layoffs has prompted companies to use Qualtrics’ AI platform, which has proven “essential in helping businesses to build deeper relationships with their employees and customers to increase revenue and operate more effectively in a challenging market,” Qualtrics chief executive Zig Serafin told MarketWatch in an interview.
Qualtrics shares are down 54% in the past 12 months. The broader S&P 500 index is down 7.7% over the past year.
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