Cvent Holdings Corp., an events and hospitality software giant in Tysons, had worked to manage expectations for this first quarter, lowering its quarterly revenue estimates earlier this year based on anticipated reduced demand because of the effects of the Omicron variant.
Ultimately, the company beat that lowered forecast, but its revenue still grew slower than originally hoped in the first quarter of 2022. It also saw higher year-over-year losses for the quarter — missing analyst expectations that the company would swing into the black — but none of that has knocked Aggarwal’s confidence when it comes to the long term.
“We see it and hear it every day, and we believe that pent-up demand for face-to-face interactions will continue to be a tailwind for our business throughout the rest of the year,” CEO and founder Reggie Aggarwal said during Cvent’s earnings call Monday. “Now we believe this pent-up demand will help offset macroeconomic pressures that might otherwise dampen…
Read the full story from the Washington Business Journal.
