Meetings technology firm Cvent this week in its first
quarterly earnings report as a publicly traded company posted $26.9 million in
second-quarter revenue, up 36 percent year over year. Platform subscription
revenue, including strategic meetings management system deployments, accounted
for $18.1 million, up 35 percent year over year.
Cvent cited "expanded relationships with strategic meeting
management customers such as Deere & Company, GE Capital and Halliburton,
among others," and listed ADP, American Honda, Darden Restaurants, Disney,
Kaiser Permanente and Regeneron Pharmaceuticals as new platform customers.
Cvent CEO Reggie Aggarwal in a Monday conference call said Disney is a new
customer of Cvent's mobile technology.
Overall, Cvent lost about $2.3 million in the second quarter
of 2013, compared with a profit of $513,000 in the second quarter of 2012.
However, before interest, taxes, depreciation and amortization—including the
effect of currency conversion with the rupee (Cvent has significant operations
in India)—the company earned $4.3 million during the second quarter of 2013.
The company also projected $27.5 million to $27.9 million in
third-quarter revenue and full-year revenue of $107.8 million to $108.7 million.
Wall Street sent Cvent shares sharply lower on Tuesday.
Cvent last month debuted on the New York Stock
Exchange.
Meanwhile, a meetings cost estimator developed in
partnership with American Express is "currently in beta with select SMM customers,"
Aggarwal said during the conference call.