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CXApp Inc. (NASDAQ:CXAI) shares are trading higher Wednesday after the company announced record double digit Annual Recurring Revenue (ARR) growth in the fourth quarter of 2023 and 24% ARR growth for the full year 2023.
The Details:
The company also announced it is rebranding to CXAI, pronounced “sky.” CXAI stated the rebranding signifies a shift towards an AI-centric approach in workplace innovation.
CXAI attributed the ARR growth to two large Fortune 1000 logo contracts in the fourth quarter that are slated for deployment in the summer of 2024, leveraging the CXAI platform and in partnership with Google Cloud.
CXAI reported subscription-based recurring revenue was 81% of the total revenue, and gross margin for the quarter was 80%.
“We are excited about our accomplishments in 2023 as we re-transformed the Company to a SaaS recurring model with amazing growth, great customers and a talented technology team. We are super-excited about the future as we expand with these clients as well as our recently announced partnership with Google Cloud to scale the CXAI platform," said Khurram Sheikh, CEO of CXAI.
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Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in CXApp (NASDAQ:CXAI)'s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
CXAI Price Action: According to Benzinga Pro, CXAI shares are up 21.5% at $4.75 at the time of publication Wednesday.
Image: Courtesy of CXApp, Inc.
Posted In: CXAI
