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ON24, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenue to $36.3 million for the third quarter of 2024, down from $39.2 million in the same period of 2023. This represents a 7% decline, attributed to reduced demand for the company's platform solutions.
Subscription and other platform revenue was $33.9 million, a decrease from $36.4 million in the previous year. Professional services revenue also decreased to $2.5 million from $2.8 million.
Cost of revenue decreased to $9.3 million from $10.8 million, reflecting cost management efforts and restructuring activities. Gross profit was $27.0 million, with a gross margin of 74%, up from 72% in the previous year.
Operating expenses totaled $40.3 million, down from $42.4 million. This includes sales and marketing expenses of $19.5 million, research and development expenses of $9.2 million, and general and administrative expenses of $11.7 million.
Net loss for the quarter was $11.4 million, slightly improved from a net loss of $11.5 million in the same quarter of the previous year.
ON24 reported cash and cash equivalents of $11.0 million as of September 30, 2024, down from $53.2 million at the end of 2023. Marketable securities were $177.8 million.
The company completed a $75 million share repurchase program and initiated a new $25 million share repurchase program, spending $8.3 million in the third quarter.
ON24's customer count decreased to 1,666, with annual recurring revenue (ARR) of $132.2 million. The number of customers contributing at least $100,000 in ARR was 311.
ON24 continues to invest in its platform, including AI-powered capabilities, and has initiated cost reduction measures to improve its financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ON24 Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.