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CXApp Stock Soars On Google Cloud Deal: What Investors Need To Know
CXApp Inc (NASDAQ:CXAI) shares are soaring in Monday’s after-hours session after the company reported highlights from the second quarter and announced a multi-year agreement with Alphabet Inc’s (NASDAQ:GOOG)(NASDAQ:GOOGL) Google Cloud.
What Happened: After the market close on Monday, CXApp reported second-quarter revenue of $1.766 million, missing the consensus estimate of $1.8 million. The company reported a quarterly loss of 34 cents per share, missing analyst estimates for a loss of 27 cents per share, per Benzinga Pro.
CXApp said its subscription to one-time revenue split was 85% in the quarter versus 79% last year. Gross margin came in at 80%, up from 75% in the prior year, and the company’s net retention rate was 105% in the quarter. The company said it saw a 78% increase ...