Sprout Social, Inc. (SPT) plunged 11.93% in after-hours trading on Tuesday, following the release of its fourth quarter 2024 financial results. Despite reporting a 14% year-over-year increase in revenue to $107.1 million, the social media management software company posted a net loss of $14.4 million for the quarter.
While Sprout Social showed strong growth in several key metrics, including a 26% increase in current remaining performance obligations (cRPO) and a 23% rise in the number of customers contributing over $50,000 in annual recurring revenue (ARR), the company's bottom line was weighed down by higher operating expenses.
The company's non-GAAP operating income for the quarter stood at $11.4 million, compared to $1.7 million in the same period last year. However, Sprout Social reported a GAAP operating loss of $13.7 million, wider than the $18.2 million loss in Q4 2023, due to higher stock-based compensation expenses and restructuring charges.
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