24/7 Market News- CXApp Reports Q2 Financial Results and New Google Cloud Agreement

August 13, 2024

DENVER, Colo., Aug 13, 2024 (247marketnews.com)- CXApp Inc. (Nasdaq: CXAI) reported its second quarter 2024 financial results, including a 78% increase in renewal and expansion bookings compared to the second quarter of 2023, and a net 15% operating expense reduction for the the comparative periods.

CXApp further announced that it signed a multi-year multi-million dollar strategic agreement with Google Cloud, in which Google Cloud will co-invest with CXApp’s continuous deployment, monitoring, and modernization of the AI-native CXAI platform.

Khurram Sheikh, CXApp’s Chairman and CEO, commented, “Q2 was a great quarter in cementing our business model and demonstrating the execution of our “land and expand” strategy. We continue to make great progress in shaping the future of work with our largest expansion deal this quarter. This large enterprise client is seeing high adoption of our platform in their pilot deployments at their headquarters in the US and a second major site. We are solving real problems in the work environment for them, and they are now planning to scale up with our AI-native solutions across their enterprise footprint.

“Our customers have reposed confidence in the CXAI technology platform and roadmap and their continued commitments with renewals is a testament to our ground-breaking technology and innovative team.

“Given the momentum we see in the market with our customers and enhanced upcoming offerings including our AI-based Analytics platform CXAI VU, the Google Cloud agreement positions us to deliver our commitments to our customers. We are super-excited about this partnership as it provides us access to all the latest Google AI innovations that we plan on adapting to revolutionize the workplace market with amazing employee experiences.

“I am very proud of the business transformation our team has achieved and the continued positive trending of all key SaaS metrics. We are also well-positioned for future growth with our CXAI platform including CXAI VU analytics products that are now in pilots with key strategic customers.”

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