This post was originally published on this site
Qualtrics International Inc. shares dipped about 2% in extended trading Tuesday after the experience-management software company announced fiscal fourth-quarter results that topped analysts’ forecasts.
Qualtrics XM, +7.34% reported a net loss of $14.5 million, or 3 cents a share, compared with a net loss of $147.3 million, or 35 cents a share, in the year-ago quarter. The company’s adjusted net loss was $8.1 million, or 2 cents a share.
Revenue jumped 24% to $213.6 million from $172.8 million a year ago. For the fiscal year, Qualtrics reported $763.5 million, up 24% from 2019.
The fourth quarter “capped a strong year” underscored by consistent gains in subscriptions, Qualtrics Chief Executive Zig Serafin told MarketWatch. Quarterly subscription revenue jumped 33% to $160.4 million from $120.5 million a year ago.
“We’re seeing two trends: Nearly everything is moving to digital, and our technology category is one of the fastest growing in software” with an addressable market of $60 billion, Serafin said.
Analysts surveyed by FactSet had expected a quarterly net loss of 3 cents a share on revenue of $192.8 million.
Qualtrics spun out from SAP SAP, +2.57% and debuted via SPAC on Jan. 28, closing that day at $45.50. It closed at $37.14 on Tuesday, up 7%. The broader S&P 500 index SPX, +1.42% has improved 3% this year.
