Revenue for Event Cloud, a subscription-based meeting management solution, increased 20.7% year over year to nearly $114.7 million, an increase the company attributed in a filing with the U.S. Securities and Exchange Commission as resulting from the strong performance of products that support in-person meetings and events and because of the lessening impact of the global pandemic. Revenue from Hospitality Cloud, another Cvent solution, was $51.5 million for the first quarter of 2023, an increase of 21.6% from the comparable period in 2022.
In other results:
Net loss was $32.6 million for the first quarter of 2023, compared with $31.4 million in the comparable period in 2022.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $32.4 million for the first quarter of 2023 compared with $12.8 million in the comparable period in 2022.
On March 14, Cvent entered into a definitive agreement to be purchased by the private equity company Blackstone, at which point Cvent will no longer be publicly listed. As a result, the company has not scheduled a first quarter earnings call. The transaction is subject to “customary closing conditions,” including the receipt of approval by stockholders and required regulatory approvals.
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