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PNC Financial Services Group Inc., Venues NSW Boost Qualtrics Q2 Financials

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PNC Financial Services Group Inc., Merck KGaA, Venues NSW, and Tata Digital are some of Qualtrics’ remarkable customer wins in the second quarter of 2022. 

Echoing SAP’s stellar cloud revenue in Q2, SAP-owned Qualtrics has also announced its outstanding financial results for the second quarter ended June 30, 2022, with total revenue hitting $356.4M, an increase of 43% year over year. The experience management company’s subscription revenue reached $300.6 million, up 47% year over year.

Commenting on the XM company’s quarter performance, Qualtrics CEO Zig Serafin stated:

“Q2 was a strong quarter of revenue growth for Qualtrics, and we are proud to deliver another quarter of positive non-GAAP operating margin as we drive toward long-term, durable growth. We continue to see robust demand for our experience management platform as companies look to Qualtrics to help them navigate the uncertain macro-environment and win in their markets.”

Qualtrics also reported its operating loss for Q2 at $272.0 million and non-GAAP operating income at $7.2 million. The company’s GAAP operating margin reached 76 % and its non-GAAP operating margin at 2%. As for Net Income (Loss) and Net Income (Loss) Per Share for the second quarter, Qualtrics announced a $279.2 million, or $ 0.48 per share, net loss versus the same period last year. The Non-GAAP net loss was $20.9 million, or $0.04 per share, versus the non-GAAP net income of $22.3 million, or $0.04 per share in the same fiscal period of 2021.

As of June 30,2022, Qualtrics reported a total of $786.6 million for its cash and cash equivalents. The company also shared its third quarter financial outlook, with total revenue and subscription revenue fairly close to Q2’s performance, and updated guidance for its full year ending December 31, 2022.

The second quarter has also brought in noteworthy customer wins for Qualtrics across its XM portfolio. 

PNC Financial Services Group, Inc. Headlining CX Wins

PNC Financial Services Group, Inc. (PNC), one of the largest diversified financial services organizations in the United States, is one of the big wins of Qualtrics for the second quarter of 2022. The institution deployed Qualtrics CX and EX solutions as an expansion of its existing partnership with the XM company to accelerate its financial experience transformation strategy for both its employees and customers. Leveraging the Qualtrics platform, PNC intends to better understand its stakeholders to drive a work environment that offers growth opportunities for employees– essentially, empowering them to build stronger customer relationships and deliver excellent banking experiences.

Other organizations that have embarked on a CX transformation journey with Qualtrics in Q2 are:

Belron, a global vehicle glass repair and replacement company, selected XM Discover, a recently released platform that harnesses Qualtrics and Clarabridge’s AI capabilities to help organizations unlock in-depth customer insights to create more personalized experiences and create stronger relationships at scale.

Ooredoo Group, a Qatari multinational telecommunications with a market presence in Middle East, Africa and Southeast Asia, has partnered with the XM company to deploy a company-wide customer experience platform to enable the company to create tailor-fit products based on customer data.

Tata Digital, a Mumbai-based company that offers engaging digital products, has implemented the Qualtrics CustomerXM to reinforce its new digital marketplace – Tata Neu – to offer a streamlined digital customer experience.

Venues NSW, the owner, coordinator, and promoter of a portfolio of publicly-owned sports and entertainment venues in NSW, has partnered with Qualtrics to drive superior fan experience– pre-, during-, and post-event. Leveraging CustomerXM, the organization intends to improve attendance rates by delivering a world-class customer experience. 

Employee XM Wins

Brad Anderson, Qualtrics’ President of Products and Engineering, highlighted that today, amidst the economic uncertainty, organizations have a clear focus on top talent retention. He said:

“Companies that are able to create and preserve a happy, engaged, and productive workforce differentiate themselves by listening to, understanding, and acting on the needs of their employees in real-time – and Qualtrics’ Employee Experience platform allows them to do so at scale.” 

Here are the companies that have selected to deploy Qualtrics EmployeeXM in Q2:

M&T Bank (M&T), a community bank headquartered in Buffalo, New York, expanded its alliance with the SAP-owned company by implementing Qualtrics EX solutions alongside the existing Qualtrics CX program. The strategic partnership sees that recognizing and understanding its employees’ needs would empower them to deliver outstanding customer service.

Merck KGaA, Darmstadt, Germany, a leading science and technology company with a market footprint spanning 66 countries, has chosen Qualtrics EmployeeXM to boost its employee and leadership development program. Aside from providing development feedback and suggestions to employees, the company’s program is designed to identify and resolve skills and culture gaps across Merck. 

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