ON24 Reports Widening Loss in Q4

Shares of ON24 took a hit on Friday as the company reported a larger loss than expected for the fourth quarter.

Stock Performance

The stock saw a decline of 9.3% to $6.98 during midday trading, marking its lowest level since November. This year alone, shares have dropped by about 12%.

Financial Results

In the quarter ending on December 31, the marketing platform reported a loss of $9.9 million, or 24 cents per share. This is compared to a loss of $12.1 million, or 25 cents per share, in the same period last year. Analysts had anticipated a per-share loss of 22 cents.

Excluding certain one-time items, ON24 actually achieved a profit of 6 cents per share, surpassing the expected 2-cent profit forecasted by analysts.

Revenue

Revenue for the quarter declined by 16% to $39.3 million, falling short of the $37.3 million projected by analysts.

Future Outlook

For 2024, ON24 anticipates revenue to range between $143 million and $147 million, indicating a decrease of 10% to 13%. Prior to this guidance, analysts had estimated revenues to hit $147.4 million.

The company is also projecting an adjusted profit of 2 to 5 cents per share for 2024.