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ServiceSource International (NASDAQ: SREV) has signed a contract with Dropbox (NASDAQ: DBX) to enhance its inside sales efforts. This partnership aims to improve customer acquisition strategies and adaptability to virtual selling, a significant trend as 92% of B2B buyers now prefer virtual sales interactions. ServiceSource's expertise in digital sales will support Dropbox's global reach across various markets. The collaboration demonstrates ServiceSource's growth and its role as a strategic partner in a competitive cloud solutions landscape.
ServiceSource (NASDAQ: SREV) reported its Q2 2021 financial results, achieving GAAP revenue of $46.3 million, down from $47.6 million a year ago. The GAAP net loss improved slightly to $5.1 million or $0.05 per diluted share, compared to $5.4 million or $0.06 in the previous year. Non-GAAP net loss was $1.4 million. Key highlights include a 97% contract renewal rate and a 7% increase in new bookings. The company ended the quarter with $34.8 million in cash and plans to achieve year-over-year revenue growth in upcoming quarters.
ServiceSource International, Inc. (NASDAQ: SREV) will release its financial results for Q2 ended June 30, 2021, after market close on July 28, 2021. A conference call to discuss these results is scheduled for 2:30 p.m. MT (4:30 p.m. ET). Interested parties can join by dialing (877) 293-5486 or (914) 495-8592 for international participants. A live webcast will also be available on the ServiceSource Investor Relations website.
ServiceSource International (NASDAQ: SREV) has expanded its digital Inside Sales program with a leading cloud communications client, focusing on enhancing go-to-market strategies. The client, a market leader growing over 30% annually, initially partnered with ServiceSource in Q4 2020. The success of the initial deployment led to an agreement to triple the program's size. Gary B. Moore, CEO, highlighted the trend towards outsourced inside sales solutions to drive growth, demonstrating ServiceSource's capability in delivering effective sales strategies that foster client market expansion.
ServiceSource International (SREV) announced its participation in the Sidoti Virtual Investor Conference on June 23-24, 2021. CEO Gary B. Moore and CFO Chad Lyne will host virtual one-on-one meetings with investors and deliver a group presentation on June 24, 2021, at 11:30 a.m. EDT. A live webcast will be available for the presentation, with a replay accessible via ServiceSource's Investor Relations website. ServiceSource specializes in B2B go-to-market services and enhances customer journey experiences globally.
ServiceSource International, Inc. (NASDAQ: SREV) has signed a new agreement to deliver a revenue retention solution for a client in the cloud communication market. The client, serving millions globally and recognized as a pioneer in digital collaboration, aims to sustain its over 40% annual growth rate through a new renewals program. CEO Gary Moore highlighted the importance of maintaining customer relationships in a digitally transformed environment. However, the press release also contains forward-looking statements, indicating potential risks including employee retention and market conditions.
ServiceSource International (NASDAQ: SREV) announced an expansion of its recruitment strategy, now targeting eight southern U.S. states to fill over 300 positions in various fields, including business intelligence and global sales delivery. This shift comes in response to a growing preference for remote work, allowing the company to attract diverse talent. Since early 2020, ServiceSource has successfully recruited over 500 employees virtually. The move aims to enhance candidate pools and position clients for success in a hybrid work environment.
ServiceSource International, Inc. (NASDAQ: SREV) has secured a new contract to extend its Customer Success solution for a cloud-based identity management client, enhancing customer retention for SMBs. The company achieved a 90% renewal rate for this client in North America and will now expand operations to EMEA and APJ regions. This expansion will potentially increase the contract's value by 50% over two years. The Client aims to ensure effective service adoption through proactive engagement and improved customer relationships.
ServiceSource (NASDAQ: SREV) reported its Q1 2021 financial results, revealing GAAP revenue of $45.0 million, a decline from $50.1 million in Q1 2020. The company experienced a GAAP net loss of $8.8 million or $0.09 per diluted share, compared to a loss of $5.9 million or $0.06 per diluted share in the same quarter last year. Despite challenges, ServiceSource secured a $90 million contract renewal with a major client and achieved a 30% increase in new bookings year-over-year. The company ended the quarter with $36.5 million in cash and $15.0 million borrowed against its credit line.
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