Mon, Jun 10, 8:10 PM (393 days ago)
Yext, Inc. reported a net loss of $3.8 million for the quarter ended April 30, 2024, compared to a net loss of $0.4 million for the same period in 2023. Total revenue decreased by 3% year-over-year to $96.0 million, primarily due to the loss of a large customer. Gross profit also declined to $74.4 million from $78.1 million, with a slight reduction in gross margin to 77.6%. Operating expenses remained relatively stable, with sales and marketing expenses decreasing slightly by 2%, while research and development and general and administrative expenses increased by 2% and 5%, respectively. The company announced a restructuring plan to reduce workforce by 12% and entered into an agreement to acquire Hearsay Social, Inc. for $125 million. Despite these challenges, Yext remains focused on managing costs and expanding its platform capabilities.