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Yext, Inc.,(YEXT) a leading provider of digital knowledge management solutions, has released its financial results for the first quarter ending April 30, 2023. The company reported both its net income/loss and revenue figures for the quarter.
Yext, Inc. saw a challenging first quarter, reporting a net loss of $412,000. Despite this, the company achieved a total revenue of $99.5 million, a slight increase from the previous year's first-quarter revenue of $98.8 million.
The condensed consolidated balance sheets for April 30, 2023, and January 31, 2023, show a decline in total assets from $523.8 million to $488.8 million. The company's current assets also decreased from $346.6 million to $322.9 million. Notably, cash and cash equivalents increased from $190.2 million to $216.9 million during the same period.
Yext's net loss for the first quarter of 2023 amounted to $412,000, as opposed to a net loss of $25.8 million during the same period in 2022.
The company's revenue for the first quarter of 2023 stood at $99.5 million, showing a slight increase from the previous year's revenue of $98.8 million for the same quarter.
Yext faced several challenges in managing its operating expenses, which contributed to its net loss. Sales and marketing expenses amounted to $44.0 million, while research and development costs were $16.8 million. General and administrative expenses stood at $18.6 million.
The comprehensive loss for the first quarter of 2023 was $66,000, compared to $29.3 million in the same period in 2022. The decrease in comprehensive loss was partially influenced by foreign currency translation adjustments and unrealized losses on marketable securities.
The stockholders' equity for Yext, Inc. increased to $140.6 million as of April 30, 2023, compared to $128.0 million on January 31, 2023. This rise can be attributed to the issuance of common stock and the effect of stock-based compensation.
Yext's operating activities generated a net cash inflow of $26.7 million during the first quarter of 2023. The company invested $944,000 in capital expenditures and experienced a net cash outflow of $944,000 in investing activities. In terms of financing activities, Yext raised $312,000 while repurchasing common stock.
Despite facing challenges leading to a net loss in the first quarter, Yext remains focused on driving growth and innovation in the digital knowledge management space. The company's leadership is optimistic about the future and committed to executing strategies aimed at improving financial performance and delivering long-term value to its stakeholders.