Vertex Inc Reports Financial Results for Q2 2024

Vertex, Inc. Reports Financial Results for Q2 2024

King of Prussia, Pa., August 7, 2024 (GLOBE NEWSWIRE) — Vertex, Inc. (NASDAQ: VERX), a global provider of tax technology solutions, announced its financial results for the second quarter ending June 30, 2024.

Key Financial Metrics

Based on the table above, Vertex met its consensus estimates for both total revenue and EPS for Q2 2024. The company demonstrated aligned performance by achieving revenues of $160.66M and an EPS of $0.13, consistent with Wall Street's expectations.

Comments from Company Officers

David DeStefano, CEO of Vertex, remarked, "Over the past 40 years, Vertex has been a trailblazer in the field of indirect tax, continuously evolving and pursuing new growth opportunities for our world-class customers. By acquiring ecosio's advanced technology and their team's extensive e-invoicing and EDI experience, we are committed to delivering a differentiated global compliance solution that simplifies both e-invoicing and VAT complexities."

Christoph Ebm, Managing Director of ecosio, added, "This new endeavor with Vertex is a strategic move that will significantly enhance our ability to deliver exceptional value to our customers. Our shared vision for the future and commitment to growth makes this alignment an ideal fit."

Stock Price Movement

Post-earnings release, Vertex's stock saw a minor decrease of approximately 0.11%.

In summary, Vertex Inc. met its Q2 2024 financial expectations aligning precisely with consensus estimates, which suggests stability in its core operations amidst ongoing strategic expansions such as the pending acquisition of ecosio. The company’s stock experienced a slight dip post-release, indicating market neutrality or minor investor concern despite steady performance metrics.