Workiva Inc. ( (WK) ) has released its Q3 earnings. Here is a breakdown of the information Workiva Inc. presented to its investors.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Workiva Inc. is a leading cloud platform specializing in integrated reporting, serving various industries with a focus on transparency and compliance in financial and non-financial data reporting.
In its third quarter of 2024, Workiva Inc. reported a solid financial performance with total revenues reaching $186 million, marking a 17% increase compared to the same period last year. The company experienced considerable growth in its subscription and support revenue, which rose by 19%, and a notable increase in customers with annual contracts exceeding $500,000.
Key financial highlights from the quarter include a GAAP gross profit of $142 million and a non-GAAP gross profit of $146 million, representing a 20% increase from the previous year. The company’s GAAP net loss narrowed significantly to $17 million from $56 million in the prior year, while non-GAAP net income reached $12 million. Additionally, Workiva’s customer base expanded to 6,237, with strong revenue retention rates.
Looking ahead, Workiva has raised its annual revenue guidance to a range of $733 million to $735 million, reflecting confidence in its growth trajectory and strategic positioning. The management anticipates continued demand for its comprehensive platform solutions across North America and Europe.
With a robust financial outlook and a strategic focus on expanding its market reach, Workiva Inc. remains well-positioned to capitalize on the growing demand for integrated reporting solutions in the coming quarters.
