Welcome to our dedicated page for Five9 news (Ticker: FIVN), a resource for investors and traders seeking the latest updates and insights on Five9 stock.
Five9, Inc. reports developments tied to its Intelligent CX Platform, a cloud-native contact-center-as-a-service offering for AI-driven customer experience, omnichannel engagement, workforce engagement management, automation and journey analytics. Company news commonly covers platform enhancements, enterprise AI recognition, customer-experience orchestration and partner ecosystem activity through Five9 Fusion.
Recurring updates also include quarterly financial results, subscription revenue trends, investor conference participation, share repurchase activity, leadership appointments and governance changes. The company’s announcements often connect its AI, data, workflow and partner integrations to how enterprises manage customer service interactions and agent productivity.
Five9 (NASDAQ: FIVN) has appointed Sagar Gupta, Portfolio Manager at Anson Funds, to its Board of Directors, effective immediately. Gupta brings over a decade of experience in the technology, media, and telecommunications sector and has previously served on the Board of Momentive Global.
Five9's Chairman and CEO, Mike Burkland, expressed confidence in Gupta's ability to contribute to the company's strategy aimed at driving growth, expanding margins, and delivering strong cash flow. Gupta is excited to join the Board and work with Five9's team to address market demands and customer needs.
Sumit Gautam, Founder and Portfolio Manager of Scalar Gauge Fund, also commented positively on Gupta's appointment. Five9 has entered into a cooperation agreement with Anson Funds, which includes standstill, voting, and confidentiality commitments. With Gupta's addition, Five9's Board now comprises 10 directors, nine of whom are independent.
Five9's recent survey reveals that 60% of Gen Z values AI-powered customer service for its speed and convenience, while still preferring human interaction for complex issues. The study of 1,000 Gen Z consumers found that 46% consider AI ideal for simple fixes and 47% for generic questions. Notably, less than 40% could distinguish between AI and human interactions in chatbots, text, or email. However, 65% still prefer human customer service for complex issues, particularly for billing (86%), high-value purchases (88%), and returns (77%). Brands like Sephora, Target, Nordstrom, and Apple are recognized for their superior customer service among Gen Z consumers.
Five9's GenAI Studio has been named a Best New Product by the 2024 BIG Awards for Business, recognizing its innovative contribution to contact center technology. Launched in March 2024, GenAI Studio enables organizations to customize general-purpose Generative AI models for specific contact center needs, addressing a important gap in the market where most solutions only offer pre-defined models.
The award, presented by the Business Intelligence Group, acknowledges Five9's role in transforming customer experience (CX) by creating a solution where automation and human connection seamlessly intersect. This recognition comes at a time when demand for AI-powered solutions in contact centers is reaching unprecedented levels.
ServiceNow and Five9 have announced an expanded partnership to deliver an AI-powered solution that unifies employee and customer experiences. The integration combines ServiceNow Customer Service Management with Five9's Intelligent CX Platform to streamline service operations and reduce costs. The solution features three key capabilities: real-time transcription with GenAI-powered summaries, unified routing across digital channels, and a consolidated agent workspace with native call controls. These features aim to boost agent efficiency, improve customer satisfaction, and simplify contact center operations. The integrated capabilities are expected to be available to select customers in first half of 2025.
Five9 has announced the launch of Five9 AI Agents, an expansion of its Genius AI suite that combines Generative AI with Intelligent Virtual Agents. The new solution aims to create more human-like chat and voice bots, reducing the need for live agent interactions. A key feature is the 'dial-of-trust' that allows businesses to balance flexibility and control by blending generative AI with traditional pre-defined AI. According to a Five9 survey, 56% of US and UK consumers are frustrated with current self-service chatbots. The new AI Agents provide contextual, personalized responses using customer data and can seamlessly collaborate with human agents by summarizing previous interactions. The solution will be available for beta worldwide in Q1'25.
Five9 (NASDAQ:FIVN), an Intelligent CX Platform provider, has announced its management team's participation in three upcoming investor conferences. The schedule includes presentations at the RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference (November 19th, 8:45 AM ET), the UBS Global Technology and AI Conference (December 4th, 12:55 PM MT), and the Barclays Global Technology Conference (December 12th, 11:00 AM PT). Webcasts of all events will be accessible through Five9's investor relations website.
Five9 (NASDAQ:FIVN) reported a 15% increase in revenue for Q3 2024, reaching $264.2 million, compared to $230.1 million in Q3 2023. The company also saw a 20% growth in subscription revenue and a record $41 million in operating cash flow.
GAAP gross margin for the quarter was 53.8%, up from 51.7% in Q3 2023, while the adjusted gross margin rose to 61.8% from 60.6%. The GAAP net loss decreased to $(4.5) million or $(0.06) per basic share, compared to $(20.4) million or $(0.28) per basic share in the same period last year. Non-GAAP net income increased to $50.5 million or $0.67 per diluted share, up from $38.0 million or $0.52 per diluted share in Q3 2023. Adjusted EBITDA was $52.4 million or 19.8% of revenue, compared to $41.3 million or 17.9% of revenue in the previous year.
Based on these results, Five9 has raised its 2024 guidance for revenue and bottom line.
Five9 (Nasdaq: FIVN) has appointed Ajay Awatramani as Chief Product Officer to lead the company's product strategy and vision. With over 25 years of product experience, Awatramani joins from Cornerstone OnDemand, where he served as CPO. Previously, he held leadership roles at Adobe, Marketo, Oracle, and Siebel Systems. Most recently, he was an Entrepreneur in Residence at Storm Ventures advising on AI investments. In his new role, Awatramani will focus on enhancing Five9's AI and CX offerings, working alongside EVP of product management Callan Schebella to develop AI solutions that aim to set new standards for customer experience.
Five9 (NASDAQ: FIVN) has been named a Leader in the 2024 Gartner® Magic Quadrant™ for Contact Center as a Service, recognized for its Completeness of Vision and Ability to Execute. The company's Intelligent CX Platform, powered by Five9 Genius AI, offers comprehensive solutions for AI-driven customer experiences. The platform serves over 2,500 customers and 1,400 partners globally, providing cloud-native solutions for hyper-personalized customer interactions and enhanced employee capabilities. CEO Mike Burkland emphasized the company's focus on solving CX challenges through AI-driven experiences that utilize contextual data for meaningful engagements.
Five9 (NASDAQ: FIVN) has been named a Leader in the 2024 Gartner Magic Quadrant for Contact Center as a Service, recognized for its Completeness of Vision and Ability to Execute. The company's Intelligent CX Platform, powered by Five9 Genius AI, provides AI-driven solutions for customer experience management. The platform serves over 2,500 customers and 1,400 partners globally, offering hyper-personalized customer experiences through cloud-native technology. Five9's AI capabilities focus on improving and elevating customer interactions using contextual data to create meaningful engagements.