Cvent Posts Q2 Loss

(RTTNews) - Cvent, Inc. (CVT) reported a net loss for the second quarter of $2.3 million or $0.07 per share, compared to net income of $0.5 million or $0.01 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $1.4 million or $0.04 per share, compared to $3.2 million or $0.09 per share in the prior year quarter.

Total revenue for the second quarter rose 36% to $26.94 million from $19.78 million a year ago.

Analysts poled by Thomson Reuters expected the company to earn $0.04 per share on revenue of $26.77 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts total revenue of $27.5 million to $27.9 million, a net loss of $0.07 to $0.06 per share and adjusted results of breakeven to $0.01 per share. Analysts currently expect the company to report breakeven per share on revenue of $27.34 million for the third quarter.

For the full year 2013, the company expects total revenue of $107.8 million to $108.7 million, net loss of $0.21 to $0.20 per share and adjusted net income of $0.05 to $0.07 per share. Analysts currently expect the company to earn $0.06 per share on revenue of $107.31 million for the full year 2013.

Cvent shares shares began trading on the New York Stock Exchange on August 9 following a successful initial public offering.