ON24 (NYSE: ONTF), a leading sales and marketing platform for B2B digital engagement, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.
“In Q4 we were pleased to deliver improvement in our Core Platform’s in-period gross dollar retention metrics and ARR growth in the life sciences and professional services verticals, however, we were impacted in the technology and manufacturing verticals given the current macroeconomic environment, which had a larger impact on our ARR results,” said Sharat Sharan, co-founder and CEO of ON24. “We are in the early innings of a large market opportunity as sales and marketing accelerates to digital channels, and we believe that our focus on product innovation and large enterprise clients will contribute to future growth.”
“We are simultaneously taking decisive steps to accelerate our path to profitability and expect to achieve breakeven, non-GAAP EPS in the second quarter of 2023, two quarters ahead of our initial expectations. We are making significant adjustments to our cost structure through employee and non-employee related cost reductions. We are intensely focused on delivering long-term shareholder value, and our confidence in our strategy and outlook is underscored by our recently announced new $100 million capital return program. We designed our capital return program to strike a balance between enhancing near-term value for our shareholders and maintaining adequate capitalization to weather uncertain macro-economic headwinds and to invest in growth.”