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LivePerson, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a revenue decrease of 27% to $74.2 million for the quarter, compared to $101.3 million in the same quarter of the previous year. This decline is attributed to customer cancellations and downsells.
Cost of revenue decreased by 15% to $24.5 million, primarily due to reductions in outsourced labor and amortization expenses.
Sales and marketing expenses fell by 29% to $22.8 million, driven by reductions in salary and marketing expenses.
General and administrative expenses decreased by 42% to $17.7 million, mainly due to lower one-time costs and stock compensation expenses.
Product development costs decreased by 36% to $22.9 million, with reductions in outsourcing and employee-related expenses.
Restructuring costs were $1.4 million, down 31% from the previous year, due to lower severance costs.
The company reported a net loss of $28.3 million for the quarter, compared to a net loss of $53.3 million in the previous year.
Cash and cash equivalents were $142.1 million as of September 30, 2024, a decrease of $70.8 million from the end of 2023.
LivePerson anticipates that its current cash and cash equivalents will be sufficient to meet its working capital and capital requirements for at least the next 12 months.
The filing also details the company's convertible senior notes, including the issuance of $150 million of 2029 Notes and the repayment of the 2024 Notes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LivePerson Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.