Qualtrics International Inc. stock dipped 1.7% in extended trading Wednesday after the software company reported second-quarter revenue that beat Wall Street analysts’ estimates but reported a larger loss than expected.
The company reported a net loss of $279.2 million, or 48 cents a share, compared with a net loss of $263.5 million, or 51 cents a share, in the year-ago quarter. After adjusting for stock-based compensation and other effects, the company reported a loss of 4 cents a share.
Revenue soared 43% to $356.4 million from $249.3 million a year ago. Subscription sales jumped 47% to $300.6 million.
Analysts surveyed by FactSet had expected a break-even quarter on an adjusted basis with revenue of $345 million. Shares violently lurched between losses of about 5% and more than 10% in immediate trading following the release of the report.
“We continue to see robust demand for our experience-management platform, as companies look to Qualtrics
to help them navigate the uncertain macro-environment and win in their markets,” Qualtrics Chief Executive Zig Serafin told MarketWatch.
Qualtrics offered third-quarter sales guidance of between $358 and $360 million that was in line with the $359 million forecast by analysts polled by FactSet.
Shares of Qualtrics have plunged 60% this year, while the broader S&P 500 index
has declined 17%. In regular trading Wednesday, Qualtrics’ stock jumped 8.5% to close at $13.71.