IonQ reaches 1,000 patents milestone with new quantum computing grants
PHOENIX - Crexendo , Inc. (NASDAQ:CXDO) saw its shares climb 4.8% after the cloud communication platform provider reported fourth quarter earnings and revenue that exceeded analyst expectations.
The company posted adjusted earnings per share of $0.06, beating the consensus estimate of $0.05. Revenue for the quarter came in at $16.2 million, surpassing analyst projections of $15.64 million and representing a 15% increase YoY.
Crexendo’s software solutions segment was a key driver of growth, with revenue jumping 32% YoY to $7.0 million. Overall service revenue rose 4% to $8.0 million compared to the prior year period.
"Crexendo delivered another outstanding performance in the fourth quarter and full year of 2024, with double-digit revenue growth, GAAP profitability, and strong cash flow," said CEO Jeff Korn. He noted the company is seeing "tremendous growth" in its software solutions business, fueled by opportunities created by larger competitors not focusing on that sector.
For the full year 2024, Crexendo reported total revenue of $60.8 million, up 14% YoY. The company generated net income of $1.7 million, or $0.06 per share, compared to a net loss of -$0.3 million, or -$0.01 per share, in 2023.
Crexendo ended the year with $18.2 million in cash and cash equivalents, up from $10.3 million at the end of 2023. The company’s operating cash flow improved to $6.3 million in 2024 versus $3.5 million the prior year.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.