What's Going On With CXAI Stock?
Portfolio Pulse from Erica Kollmann
CXApp Inc. (NASDAQ:CXAI) reported record double digit Annual Recurring Revenue (ARR) growth for Q4 2023 and a 24% ARR growth for the full year. The company is rebranding to CXAI, emphasizing an AI-centric approach. The growth is attributed to two large Fortune 1000 contracts and a partnership with Google Cloud. Subscription-based revenue constituted 81% of total revenue, with a gross margin of 80%. CXAI shares surged 21.5% to $4.75.
April 17, 2024 | 3:19 pm
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CXApp Inc. (CXAI) reported significant ARR growth and a strategic rebranding towards AI, boosted by key partnerships and contracts.
The announcement of record ARR growth and a 24% increase for the full year, along with a strategic rebranding and partnership with Google Cloud, are significant positive developments for CXAI. These factors, combined with the company's shift towards an AI-centric approach and the securing of two large Fortune 1000 contracts, are likely to generate investor optimism and could drive the stock price higher in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100