Workiva reports 26% sales increase, shrinks net loss for second quarter
BPC Staff Aug 4, 2021 | 8:19 pm
1 min read time173 wordsAll Latest News, Insurance & Investments, Tech & Innovation
Workiva Inc. narrowed its net loss in the second quarter that ended June 30, with a GAAP net loss of $9.5 million, compared with a GAAP net loss of $19.6 million for the prior year’s second quarter. Total revenue in the quarter for the Ames-based global software as a service company reached $105.6 million, an increase of 25.9% from $83.9 million in the second quarter of 2020. Subscription and support revenue contributed $91.2 million, up 29% versus the second quarter of 2020. Professional services revenue was $14.4 million, an increase of 9.3% compared with the same quarter in the prior year. “Our results continue to build on our market leadership and the increased demand for regulatory reporting and fit-for-purpose solutions to support digital transformations,” Marty Vanderploeg, Workiva’s CEO, said in an earnings release. “Our strong bookings from existing customers reflect our enhanced ability to cross-sell multiple solutions.” Due to continued demand and resulting top-line growth, the publicly traded company is raising its full-year revenue guidance range to between $430 million and $432 million.