ON24 Inc. CEO says Q1 is trough, sees steady improvement after (NYSE:ONTF)

ON24 Inc. (NYSE:ONTF) CEO Sharat Sharan said the company’s Q1 will be the “trough” and he expects improvements going forward.

“Q1 is the trough and after that we expect to see steady improvements,” Sharan said in an interview with Seeking Alpha after the company earlier reported Q4 results and held its conference call. ON24 shares fell 4.5% in after hours trading.

Sharan forecast “low teens” ARR growth by the end of the year and that should accelerate to “high teens” in 2023. ON24 offers webinars and other video-based marketing efforts that help B2B companies reach out to current and potential customers.

“Our focus really is to get the company back to pre Covid levels of growth, which at the end of 2019 was about 25% ARR growth,” Sharan said. “The churn is going to be behind us with the bulk of the churn in Q1. We’ve got a large market opportunity and tremendous tailwinds behind us and ARR is the right way to basically measure where we go.”

Earlier, ON24 Non-GAAP EPS of -$0.03 beats by $0.06, revenue of $52M beats by $0.34M.

Also see, Zoom’s (NASDAQ:ZM) outlook adds to investors’ ho-hum views of company’s post-Covid growth prospects.