Crexendo Inc. ( (CXDO) ) has released its Q3 earnings. Here is a breakdown of the information Crexendo Inc. presented to its investors.
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Crexendo, Inc. is a leading software technology company that specializes in cloud communication platforms, video collaboration, and managed IT services catering to businesses of all sizes. The company, headquartered in Phoenix, Arizona, supports over five million end users globally through its extensive network of cloud communication software subscribers.
In its latest earnings report for the third quarter of 2024, Crexendo reported strong financial growth, with a 13% year-over-year increase in total revenue, reaching $15.6 million. The company’s software solutions segment experienced a remarkable 25% growth, contributing significantly to the overall revenue increase.
Key financial highlights include a net income of $0.1 million and non-GAAP net income of $1.6 million. Operating expenses saw a 15% rise, amounting to $15.5 million. Over the nine months ending September 30, 2024, Crexendo’s total revenue grew by 14%, with notable increases in both service and software solutions revenues.
Looking ahead, Crexendo’s management remains optimistic about future growth prospects, driven by investments in Oracle Cloud Infrastructure and continued efforts to enhance operational efficiencies. The company anticipates sustaining double-digit growth into the fourth quarter and beyond, underscoring its strategic focus on scaling its software platforms and expanding its global footprint.
