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Newly public Qualtrics posted strong results for the June quarter. The cloud-software company also provided upbeat guidance.

Juthamat Yamuangmorn/Dreamstime

Newly public


International posted better-than-expected results for the June quarter.

Qualtrics’ (ticker: XM) January initial public offering priced shares at $30 each. The cloud-based experience-management software company was spun out of the German software giant SAP (SAP), which retains majority control.

For the quarter, Qualtrics posted revenue of $249.3 million, up 38% from the year earlier quarter, and ahead of the Street consensus forecast of $241.6 million. Subscription revenue was $204.5 million, up 48%. The company said total remaining performance obligations—worked contracted for but not yet performed—was $1.3 billion, up 76%. Non-GAAP profits were 4 cents a share; the Street had expected a loss of 2 cents a share. Under generally accepted accounting principles, the company lost $263.5 million, or 51 cents a share.

For the September quarter, the company sees revenue ranging from $257 million to $259 million, with a non-GAAP loss of 1 cent to 3 cents a share. Street consensus had been $247 million and a loss of 5 cents a share.

For the full year, Qualtrics now sees revenue of between $1.007 billion and $1.011 billion, with non-GAAP earnings per share ranging from break even to a loss of two cents.

“Every company is going through an experience transformation, and they’re turning to Qualtrics to help them deliver breakthrough experiences for their employees and customers,” CEO Zig Serafin said in a statement. “We’ve never been more relevant, which you can see in our strong Q2 results and our revenue guidance of more than $1 billion in 2021.”

In late trading, Qualtrics is up 3.8%, to $39.25.

Write to Eric J. Savitz at eric.savitz@barrons.com

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