By Scott Kanowsky
Investing.com -- Shares in Sprinklr, Inc. (NYSE:CXM) surged by nearly a sixth on Thursday after the software firm unveiled projections for annual revenue and subscription sales that were above analysts' expectations.
The New York-based company, which develops software to aid clients with marketing, advertising, and customer engagement, said it expects revenue in its first quarter ended on April 30 to come in at between $168 million to $170 million. Bloomberg consensus estimates had placed the figure at $168.7M.
Subscription revenue during the three-month time frame is seen in the range of $153M to $155M, also topping forecasts of $150.3M (NYSE:MMM).
The upbeat outlook comes after strong billings helped Sprinklr post higher-than-anticipated sales in its fourth quarter ended on January 31. On a non-GAAP accounting basis, net income per share was $0.06, up from a loss of $0.05 a share in the same period in the previous fiscal period.
Total cash, cash equivalents, and marketable securities stood at $578.6M as of January 31.
"Our Q4 non-GAAP profitability, and free cash flow are a result of efficient execution, and creating business value for customers with our Unified-CXM platform," said chief executive officer Ragy Thomas in a statement.
Analysts at Oppenheimer said Sprinklr can achieve profitable growth in its 2024 fiscal year "given stable retention rates and slowing expense growth," adding that the business is "executing well" in a challenging macroeconomic environment.