Cvent’s (CVT) first quarterly earnings report as a publicly traded company were lower than expected as Q2 earnings and revenue that merely met Wall Street expectations. Shares of the maker of event-management software were down nearly 9% as a result. The company’s expectations for the current quarter, did slightly exceed analyst estimates. CVents shares have been pulling back from highs of mid September.
Cvent’s software helps companies manage their events and meetings. The company sells its software as a service and its biggest competition by far comes from companies that perform in-house event-planning. The concept offered by Cvent is to appeal to companies looking for easier ways to handle their events.
Besides event-management software, Cvent sells software that helps companies find hotels that meet the needs of those events. The meetings and events industry is a $5.6 billion market, according to a report from market tracker Frost & Sullivan commissioned by Cvent.
Cvent’s software-as-a-service platform for both buyers (i.e. corporations and associations) and suppliers (hotels and venues) providing integrated solutions. Cvent’s revenue is from subscriptions for planning and managing events, and marketing solutions, which helps companies find hotels for their events.
Cvent acquired online ticketing service TicketMob for at least $5.2 million, but that cost could rise. Ticketing is a way Cvent is looking to expand and compete with rivals, EventBrite and The Active Network (ACTV).