Everbridge Shares Gain As It Tops Q3; Trims Workforce

Everbridge, Inc EVBG clocked a 15% revenue growth in Q3 to $111.4 million, topping the consensus of $110.8 million.
Non-GAAP EPS of $0.27 beat the consensus of $0.16.
Non-GAAP operating profit was $9.8 million versus $2.2 million a year ago.
Everbridge ended Q3 with 6,417 global enterprise customers, up from 6,010 a year ago.
David Wagner, Everbridge's President and CEO, said, "During the fourth quarter, we are optimizing our cost structure and intend to restructure and reduce Everbridge's workforce by approximately 200 employees, creating a clear line of sight to adjusted EBITDA of $85 million and a baseline revenue growth rate of 6% to 7% in 2023."
Outlook: Everbridge sees Q4 revenue of $116.0 million - $116.4 million versus the consensus of $116.2 million.
It sees non-GAAP EPS of $0.30 - $0.31, above the consensus of $0.16.
Everbridge updated FY22 revenue to $430.8 million - $431.2 million, compared to the previous $428.2 million - $432.8 million, versus the consensus of $430.3 million.
It sees non-GAAP EPS of $0.59 - $0.60, up from the previous $0.33 - $0.38, above the consensus of $0.36.
Price Action: EVBG shares traded higher by 7.42% at $26.85 on the last check Tuesday.
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