CXApp Stock Soars on Multi-Million Dollar Google Cloud Deal

CXApp Stock Is Rallying Tuesday: What's Going On? - CXApp (NASDAQ:CXAI)

The agreement will focus on development and delivery of advanced AI infrastructure, security and application products. CXApp Inc CXAI shares are trading significantly higher Tuesday after the company reported second-quarter results and announced an agreement with Alphabet Inc's GOOG Google Cloud. What To Know: CXApp reported second-quarter revenue of $1.766 million, missing the consensus estimate of $1.8 million. The company reported a quarterly loss of 34 cents per share, missing analyst estimates for a loss of 27 cents per share, according to Benzinga Pro. CXApp said its subscription to one-time revenue split was 85% in the quarter versus 79% last year. Gross margin came in at 80%, up from 75% in the prior year, and net retention rate was 105% in the quarter. The company saw a 78% increase in renewal and expansion bookings on a year-over-year basis. "We continue to make great progress in shaping the future of work with our largest expansion deal this quarter. This large enterprise client is seeing high adoption of our platform in their pilot deployments at their headquarters in the U.S. and a second major site," said Khurram Sheikh, chairman and CEO of CXApp. "We are solving real problems in the work environment for them, and they are now planning to scale up with our AI-native solutions across their enterprise footprint." See Also: Paysafe Q2: Growth in Merchant Solutions and Digital Wallets, Guidance Boost Google Cloud Deal: CXApp announced that it signed a multi-year, multi-million dollar strategic agreement with Google Cloud for the development and delivery of advanced AI infrastructure, security and application products. Google Cloud will also co-invest with CXApp in the continuous deployment, monitoring and modernization of the CXAI platform. "Given the momentum we see in the market with our customers and enhanced upcoming offerings including our AI-based Analytics platform CXAI VU, the Google Cloud agreement positions us to deliver our commitments to our customers," Sheikh said. "We are super-excited about this partnership as it provides us access to all the latest Google AI innovations that we plan on adapting to revolutionize the workplace market with amazing employee experiences." CXAI Price Action: CXApp shares were up 68.7% at $2.48 at the time of writing, according to Benzinga Pro. Photo: Shutterstock. Market News and Data brought to you by Benzinga APIs

CXApp rockets 74% on multi-million dollar deal with Google Cloud (NASDAQ:CXAI)

Workplace experience platform CXApp (NASDAQ:CXAI) stock price jumped a massive 74% to $2.55 per share on Monday during after hours of trading as it signed a multi-year, multi-million dollar agreement with Google Cloud (GOOG). This agreement entails the development and delivery of advanced AI infrastructure, security, and application products. Google Cloud will also co-invest with CXApp (CXAI) in the continuous deployment, monitoring, and modernization of the AI-native CXAI platform. The CXAI technology platform represents a shift towards an AI-centric approach in workplace innovation. "Given the momentum we see in the market with our customers and enhanced upcoming offerings, including our AI-based analytics platform CXAI VU, the Google Cloud agreement positions us to deliver our commitments to our customers. We are super-excited about this partnership as it provides us access to all the latest Google AI innovations that we plan on adapting to revolutionize the workplace market with amazing employee experiences." said Khurram Sheikh, Chairman and CEO.