Cvent, a US-based event management platform, saw Q2 revenue exceed expectations due to a ‘quick’ recovery of in-person meetings following Covid-19.
Cvent announced Q2 revenue of $161m, which is a quarterly record for the company and an increase of 31.1% from Q2 of 2021. Additionally, the revenue was also $6.8 million above Cvent’s previous expectations.
Although it received an increase in revenue, Cvent also stated that its Q2 net loss increased to $31.5m, compared with a net loss of $21.8m in Q2 of 2021. This was due to operating expenses including sales and marketing, research and development, and admin costs – which increased year on year.
Reggie Aggarwal, CEO and founder of Cvent (pictured above), said: “Our strong second quarter growth was driven by a healthier and more dynamic events industry, where in-person events are quickly returning and interest in virtual events continues.”
“In this more complex events landscape, organisations increasingly want one platform to manage all their events – whether in-person, virtual or hybrid. We believe these trends helped drive our second quarter growth.”
By using data from Cvent’s Supplier Network, where users can send meeting requests for proposals (RFPs) to hotels and other vendors, Aggarwal commented: “our RFP volume has been steadily increasing since the beginning of the year.”
He added that volumes of meeting requests had approached 2019 levels during some weeks in Q2.
In line with Aggarwal’s theory, Cvent CFO and SVP Billy Newman said that Cvent’s Q2 revenue increase was “primarily driven by planners moving quickly to add in-person events as the pandemic eases.”
“This resulted in an acceleration of our sales cycle for on-site solutions and the time between contract signing and event execution.”
Newman added that, so far, there has not been much evidence for a possible economic downturn affecting clients’ meeting plans – which has encouraged Cvent’s confidence about its growth prospects this year.
