SAP - Why Qualtrics Stock Soared This Week
Shares of Qualtrics International (NASDAQ: XM) popped as much as 34% this week, according to data from S&P Global Market Intelligence . The customer experience management software company posted a good earnings result for the fourth quarter and was buoyed by its majority shareholder SAP (NYSE: SAP) saying it was exploring a sale of its stake in the business. As of 4 p.m. ET on Thursday, Jan. 26, the stock is up 33.9% this week.
Qualtrics sells software to companies in order to help manage their relationships with employees and customers. On Jan. 25, the company reported its earnings for the fourth quarter of 2022. Revenue grew 23% year over year to $389.1 million, while adjusted earnings per share ( EPS ) came in at $0.03. Both metrics beat analyst expectations heading into the report, which is likely why the stock soared so much the next day.
Guidance also came in strong, with full-year 2023 revenue projected to be between $1.66 billion and $1.67 billion, compared to $1.46 billion in 2022. Steady growth amid a slowdown in the software market is a great sign for Qualtrics' business over the long term.
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Why Qualtrics Stock Soared This Week