Sprinklr, Inc. (NYSE:CXM) reported upbeat first-quarter financial results and appointed a new co-CEO Wednesday.
Sprinklr reported quarterly earnings of 9 cents per share which beat the analyst consensus estimate of 7 cents per share. Quarterly sales came in at $195.958 million which beat the analyst consensus estimate of $194.371 million, according to data from Benzinga Pro.
The company also announced the appointment of Trac Pham as co-CEO, effective immediately. Pham will continue as a member of Sprinklr’s board and is standing for reelection at Sprinklr’s 2024 annual meeting of stockholders.
“Despite operating in a more challenging macro environment, we generated strong free cash flow in Q1 and we’re innovating with new products and AI features. While the changes and initiatives we’re implementing will take several quarters to work through, we believe we have the right strategy and leaders in place. We believe that the appointment of Trac Pham as co-CEO will enable us to seamlessly combine our technical innovation with operational leadership,” said Ragy Thomas, Sprinklr founder and co-CEO.
Sprinklr cut its fiscal year 2025 total revenue outlook from between $804.5 million and $805.5 million to between $779 million and $781 million, versus the consensus estimate of $805.088 million. The company raised its adjusted earnings per share outlook from between 38 and 39 cents per share to between 40 cents and 41 cents per share, versus the 38 cent estimate.
Sprinklr shares rose 1.2% to close at $10.84 on Wednesday.
These analysts made changes to their price targets on Sprinklr after the company reported quarterly results.
- Cantor Fitzgerald cut the price target on Sprinklr from $16 to $10. Cantor Fitzgerald analyst Brett Knoblauch downgraded the stock from Overweight to Neutral.
- JMP Securities slashed Sprinklr price target from $22 to $17. JMP Securities analyst Patrick Walravens maintained a Market Outperform rating on the stock.
- DA Davidson analyst Gil Luria downgraded Sprinklr from Buy to Neutral and lowered the price target from $16 to $9.
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