According to a recent report, the global digital experience platform market is expected to grow at 12% CAGR to reach $14.35 billion by 2026 from $7.3 billion in 2020. San Francisco-based ON24 (NYSE: ONTF) continues to expand its product and partner portfolio to expand its market presence.

ON24’s Financials

Recently, ON24 announced its first-quarter financials. Revenues for the quarter grew 102% to $50.1 million, ahead of the market’s forecast of $52.37 million. Non-GAAP EPS was $0.05, ahead of the market’s estimates of $0.53.

By segment, Subscription revenues grew 115.3% to $42.9 million, and Professional service revenues grew 49.2% to $7.2 million.

Among key metrics, ARR increased 90% to $163.1 million at the end of the quarter. Digital experience platform business revenue, excluding legacy revenue, grew 111% to $50 million.

For the fiscal year, ON24 expects revenues of $207.5-$210.5 million and a loss per share of $0.08-$0.02. For the second quarter, ON24 expects revenues of $50.5-$51.5 and an EPS of ($0.01)-$0.01. The market forecast a break-even Q2 with revenues of $51.03 million and revenues of $209.22 million with a loss of $0.04 per share for the full fiscal year.

ON24’s Expanding Offerings

ON24 announced several new enhancements for the sales and marketing teams. For the marketing teams, it released ON24 Breakouts, its new engagement and collaboration function on the ON24 Digital Experience Platform. The new service gives marketing and sales teams the ability to connect in several ways, such as one-to-one discussions, group meetings, and peer-to-peer networking. It also announced a new research portal within the Center for Marketing Transformation to help marketers accelerate their digital-first strategies and transform how they engage customers. The Center for Marketing Transformation provides companies with access to best practices in creating compelling digital experiences and capturing the data they need to drive personalized customer interactions.

It also announced its integration of ON24 Intelligence with its sales engagement platform Outreach. The integration allows joint customers to access ON24 prospect engagement data right through the platform. Customers can now create connected workflows, allowing revenue teams to track prospect engagement across marketing and sales activities. The platform will leverage AI to track, measure, and understand audience engagement and buying signals. The Outreach sales engagement is expected to help companies increase productivity and drive smarter, more insightful engagement with their customers.

ON24 continues to integrate its solution and announced the integration of ON24 Webcast Elite with Veeva CRM Events Management. The new integration will allow the ON24 platform to provide teams with an end-to-end solution for planning, executing, and measuring the impact of events and engagement activities with healthcare professionals.

Its stock is trading at $37.05 with a market capitalization of $1.71 billion. ON24 had gone public earlier this year when it raised $428 million at a list price of $50. It hit a 52-week high of $81.98 in Feb soon after listing and a 52-week low of $31.03 in early this month.