Momentive Cuts Loss in Q1

SurveyMonkey parent Momentive has reported a GAAP loss of $23.8m in its first quarter, improving on a loss of $35.0m in the same period last year. Revenue was up 2% to $118.8m, from $116.9m in 2022 Q1.

The firm provides online subscription-based tools through which individuals can create surveys, collect responses and analyze results, along with an Enterprise version for companies wanting to gather, compare and share business-related feedback data. Its GetFeedback division offers software to help companies understand and improve their customer experience.

During the first quarter of 2023, sales-assisted channel revenue was up 13% to $46.7m, accounting for c.39% of total revenue (up from c.35% in Q1 2022). This compares with self-serve channel revenue, which fell 5% to $72.1m. The number of paying users fell 2% to approximately 878,600; and average revenue per user was approximately $546, up 2% from around $535 in Q1 2022.

In March, Momentive agreed to be acquired by a consortium led by insights sector investment firm Symphony Technology Group (STG), for approximately $1.5bn. In light of the company's pending acquisition, Momentive will not host a conference call or live webcast to discuss these financial results.

The firm, which is led by CEO Zander Lurie (pictured), is online at www.momentive.ai .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.