Cvent narrows net loss in second quarter earnings

November 12, 2013

McLean-based Cvent, the maker of event management software, posted a net loss of $829,000, or three cents per share, on $29.1 million in revenue for the third quarter of the year, the company said Tuesday.

This is the second earnings report for the company since it went public in August. Last quarter, the firm logged a net loss of $2.3 million, or 15 cents per share, on $26.9 million in revenue.

“We beat expectations on both revenue growth and our earnings,” chief executive Reggie Aggarwal said. “We continue to invest heavily in the business because we see big opportunites.”

The firm has tripled its investment in research and development since 2011, Aggarwal said. Cvent is also spending money to develop new mobile products and expand into overseas markets, he added.

The company raised $135 million from its initial public offering, capital that Aggarwal said gives the Cvent the ability to further invest in software development and marketing. The IPO also elevated Cvent’s name and reputation among event planners, he said.

“There’s always pros and cons of being a public company,” he said. “For us, it’s certainly more pros.”

Follow Steven Overly on Twitter: @StevenOverly

Steven Overly covers the business of technology, biotechnology and venture capital in the Washington region for The Washington Post and its weekly Capital Business publication. In that capacity, he has written about start-up struggles, investment trends and major drug discoveries.
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