Cvent, the McLean-based maker of software for event planners, celebrated its one-year anniversary as a public company by posting an unexpected profit for the second quarter.
Cvent posted net income of $1 million (or 2 cents per share) for the three months ending June 30, compared to a net loss of $2.3 million (or 7 cents per diluted share) during the same period last year.
The company’s finances for the quarter were buoyed by higher-than-expected revenue of $34.1 million, a 27 percent increase from the $26.9 million in revenue it brought in during the same three months last year.
The results even exceeded executives’ expectations. Chief executive Reggie Aggarwal said the revenue figure was lifted by the increased sales of Cvent software to new and existing customers, as well as more prudent spending on the company’s part.
It was nearly a year ago that Cvent debuted on the New York Stock Exchange. In that time, Aggarwal said the company has released a revamped version of its software and it has seen its global brand receive a dramatic boost.
“The momentum of the company continues to [grow] and that’s really because we have a large market opportunity,” Aggarwal said. “The investment statement we made a year ago was more and more event planners would turn to software.”
“You can’t just build a home-grown system anymore. That thesis continues to play out and we’re going to get a disproportionate share as they transition to technology because we’re the market leader in the space,” he added.
Aggarwal expects revenue will continue to climb even if the company’s profitability does not persist. Executives are projecting the company will post a net loss for both the third quarter and the full year.
Cvent also moved earlier this week into its new headquarters, a 130,000 square-foot space just a short dash from the Silver Line’s Greensboro Metro Station in Tysons Corner.
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