NEW YORK - Sprinklr (NYSE: CXM), a company specializing in unified customer experience management (Unified-CXM) for enterprises, announced the immediate appointment of Trac Pham as Co-Chief Executive Officer today. Pham, who also serves on Sprinklr’s Board, is expected to stand for reelection at the company’s 2024 annual meeting of stockholders.
The appointment marks a strategic move for Sprinklr, as Pham has been actively involved in aligning business and corporate operations over the last five months. In his new role, Pham will work closely with Sprinklr’s Founder and Co-CEO, Ragy Thomas, to drive the company’s growth and operational capabilities.
Pham's responsibilities will include guiding business operations, corporate functions, and go-to-market teams, while Thomas will continue to oversee product vision, technology, and research and development.
Pham brings to the position a wealth of experience from his most recent role as Sprinklr's Interim Chief Operating Officer, as well as his tenure as Chief Financial Officer at Synopsys (NASDAQ:SNPS), Inc., where he played a significant role in scaling the company’s revenue from $2.0 billion to $5.1 billion.
Sprinklr, headquartered in New York City, is known for its advanced AI and Unified-CXM platform, which assists companies in delivering personalized customer experiences. The company partners with over 1,700 enterprises, including major global brands and more than 60% of the Fortune 100.
The company's press release includes forward-looking statements regarding the potential benefits of Pham’s appointment. These statements are subject to risks and uncertainties, and there is no guarantee that the anticipated benefits will be realized. Sprinklr has not committed to updating any forward-looking statements following this announcement. This news report is based on a press release statement from Sprinklr.
In other recent news, Sprinklr Inc. has reported a 13% increase in total revenue for its first fiscal quarter, reaching $196.0 million. The company's subscription revenue also rose by 12% to $177.4 million. Furthermore, Sprinklr expanded its 2024 Share Repurchase Program by an additional $100 million and appointed Trac Pham as Co-CEO alongside Founder and Co-CEO Ragy Thomas.
In terms of future projections, Sprinklr anticipates subscription revenue to be between $177.5 million and $178.5 million for the second fiscal quarter, with total revenue projected between $194 million and $195 million. For the full fiscal year ending January 31, 2025, the company forecasts subscription revenue between $714 million and $716 million.
In other recent developments, Sprinklr appointed Amitabh Misra, a former Vice President of Engineering at Adobe (NASDAQ:ADBE), as its new Chief Technology Officer. On the financial front, Rosenblatt Securities revised its outlook on Sprinklr, raising the price target while maintaining a Buy rating.
Moreover, KeyBanc initiated coverage on Sprinklr with an Overweight rating, highlighting its position as a leader in the Social Media Management software market. These are some of the recent developments surrounding Sprinklr Inc.
InvestingPro Insights
As Sprinklr (NYSE: CXM) welcomes Trac Pham as Co-Chief Executive Officer, the company's financial health and market performance come into focus. With a market capitalization of approximately $2.93 billion, Sprinklr is navigating a dynamic market landscape.
InvestingPro data indicates that Sprinklr holds a P/E ratio of 57.05, which suggests a premium valuation relative to current earnings. However, the company's PEG ratio, which stands at 0.31, hints at a potentially more favorable growth trajectory in earnings relative to its P/E ratio. This can be a positive sign for investors looking for growth potential.
Moreover, the company has experienced significant revenue growth over the last twelve months, with an 18.47% increase, reflecting its ability to expand its Unified-CXM platform and services. The robust gross profit margin of 75.5% underscores Sprinklr's capacity to maintain profitability in its operations.
Among the InvestingPro Tips, two stand out for their relevance to the article. The first is that Sprinklr holds more cash than debt on its balance sheet, which may provide the company with a solid foundation to support the strategic initiatives under the new co-leadership. The second is that analysts predict the company will be profitable this year, aligning with the positive sentiment around Pham's appointment and his track record of scaling revenue in previous roles.
For those interested in deeper analysis and additional insights, there are 13 more InvestingPro Tips available for Sprinklr, which can be accessed at https://www.investing.com/pro/CXM. Readers looking to take advantage of InvestingPro's full suite of tools can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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