Clearwater Analytics jumps after record quarterly revenue

Clearwater Analytics Holdings

07/11/2024 20:49

** Shares of investment accounting software provider
Clearwater Analytics  CWAN.N  jump as much as 24.9%; last up
14.7% at $32.8
    ** CWAN late Wednesday posted record quarterly revenue of
$115.8 mln, a 22% jump compared to last year
    ** Co reported Q3 profit of $4.8 mln, compared with a net
loss of $2.3 mln a year earlier
    ** JPM analysts say net revenue retention rate jumping to
114% was a surprise and was driven by the contribution of new
products and assets under management expansion
    ** Demand appears incrementally stronger and was
surprisingly broadbased across types of customers and
geographies - JPM
    ** CWAN forecast Q4 revenue of $120.2 mln, in line with Wall
Street expectations
    ** As of last close, CWAN shares up 42.7% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))