24/7 Market News Snapshot 12 Aug 2024 – CXApp Inc. Class A Common Stock (NASDAQ: CXAI)

August 12, 2024 5:30

Press Release

DENVER, Colo., 12 August, 2024 (247marketnews.com) – (Nasdaq:CXAI) are discussed in this article.
Today, CXApp Inc. Class A Common Stock (CXAI) experienced a significant bullish surge, opening at $2.01 and closing at $3.01, a dramatic increase of 45.81%. This robust price rise was coupled with a substantial trading volume of 8.8 million shares, indicating strong investor interest and market enthusiasm in the company’s prospects. The significant percentage change underscores a positive market sentiment around CXApp Inc., positioning CXAI as a promising stock to watch with potentially lucrative future gains.

In tandem with this market performance, CXApp Inc. announced its impressive Q2 2024 financial results. The company, a pioneer in employee workplace experiences, has successfully transformed into an AI-native SaaS model and reported a substantial 78% year-over-year increase in renewal and expansion bookings. The quarter was marked by the company’s largest expansion deal to date with a major financial enterprise customer, which contributed to a 112% growth in annual recurring revenue for the client. Additionally, renewals and expansions among four other key clients from various industries boosted the company’s performance.

The latest financials highlight a favorable subscription to one-time revenue split of 85%, up from 79% the previous year, with gross margins increasing to 80% and a net retention rate of 105%. Strategic investments in AI have also resulted in a 15% reduction in operating expenses compared to the same period last year.

Furthermore, CXApp Inc. has announced a strategic multi-year, multi-million dollar partnership with Google Cloud to enhance AI infrastructure, security, and application products. This collaboration aims to leverage advanced AI technologies to optimize CXApp’s platform, thereby revolutionizing workplace experiences globally. Google Cloud will co-invest in the deployment, monitoring, and modernization of CXAI’s AI-native platform, underscoring both companies’ commitment to innovation.

Khurram Sheikh, Chairman and CEO of CXApp Inc., stated that the second quarter was pivotal in strengthening the business model and executing their expansion strategy. The partnership with Google Cloud is expected to bring state-of-the-art AI innovations, positioning CXApp Inc. to set new standards in the workplace market.

Looking forward, CXApp Inc. is set to continue its growth trajectory with the rollout of its AI-based Analytics platform CXAI VU, already being piloted by key strategic customers, solidifying its dedication to redefining enterprise software and workplace experiences globally.

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