Tysons events management company Cvent Holdings Corp. (NASDAQ: CVT) said its revenue for the first quarter of 2022 will be lower than expected in large part because of the Omicron variant, which canceled events and led to fewer event software sales.
The company said it expects to recover most of that lost revenue later in the year. Still, the variant was a bump in otherwise smooth quarterly results Cvent reported in its first earnings call since going public in December.
Despite the impact it experienced from the most recent Covid wave, the company is still predicting revenue of between $133 million and $133.5 million for the first quarter of 2022. That’s up by more than 13% from the same period a year prior, albeit slower than its original prediction of 19% year-over-year growth for the quarter. Some of its clients that canceled events during the Omicron wave are already in the process of rescheduling for later in the year, which the company said gives it confidence that most of the…
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