Sprout Social, Inc - SPT STOCK NEWS

Sprout Social, Inc. has announced its financial results for the second quarter of 2023. Revenue was $79.3 million, up 29% compared to the same period last year. The company acquired 176 customers through its partnership with Salesforce. GAAP net loss was ($13.1) million, while non-GAAP net income was $3.8 million. Cash and equivalents totaled $192.4 million. Sprout Social expects total revenue for the third quarter to be between $84.1 million and $84.2 million.

Sprout Social, Inc. will report its financial results for Q2 2023 on August 3, 2023. The results will be discussed in a conference call and webcast at 4:00 p.m. CT. Online registration for the event can be found at https://conferencingportals.com/event/WCLZyewU.

New research from Sprout Social reveals that 80% of business leaders expect their company's social media budget to increase in the next three years. Additionally, 93% agree that social media data and insights will be a primary source of business intelligence moving forward.

Sprout Social has launched The Arboretum, a new community platform for social media and marketing professionals, aimed at fostering connections and facilitating knowledge sharing. Set to empower members to meet industry challenges and enhance their careers, the platform is free for all marketers. Participants can engage with peers, gain access to exclusive events featuring industry leaders, and receive insights on current trends in social strategy. Sprout customers joining the community will benefit from early product previews and direct feedback opportunities with the Sprout product team. By connecting professionals across various sectors, The Arboretum intends to become a hub for networking, mentorship, and career development.

Sprout Social announced a Total Economic Impact™ study revealing that its customers achieved a remarkable 233% ROI and a net present value (NPV) of $1.3 million over three years, with a payback period of less than six months. The study, conducted by Forrester Consulting, highlights how Sprout Social improves productivity while reducing costs through its social media management tools.

Key findings include: $973K in productivity efficiencies, an 85% increase in organic reach saving $233K in paid media, and a 92% improvement in customer service efficiency. These results illustrate the platform's ability to streamline social strategies and significantly cut reliance on paid advertising, enabling brands to connect better with their customers.

Sprout Social, a leading provider of social media management software, announced on April 10, 2023, an array of new AI features designed to enhance its platform. Integrating OpenAI's GPT model with its proprietary machine learning capabilities, these features will improve functionalities in listening, publishing, customer care, and advocacy. The enhancements also include the introduction of Smart Query Suggestions, currently in beta, aimed at optimizing insights in social media engagement. By incorporating advanced sentiment analysis from its recent acquisition of Repustate, Sprout aims to empower brands to realize greater business impact from social media efforts. CEO Justyn Howard emphasized the importance of delivering tailored AI solutions to meet the evolving needs of customers, ultimately aiming to unlock higher returns on investment from their social strategies.