Five9 (FIVN, Financial) is riding a wave of AI-driven growth, with enterprise AI revenue up 46% year over year in Q4 2024. CEO Mike Burkland highlighted the momentum on Thursday's earnings call, noting that AI now accounts for 9% of enterprise subscription revenue.
AI bookings for new enterprise customers jumped nearly 50%, with a 100% attach rate for deals over $1 million in annual recurring revenue. Analysts are bullish. Cantor bumped its price target to $57 from $46, citing Five9's expanding partnerships with Salesforce (CRM), ServiceNow (NOW, Financial), Microsoft (MSFT, Financial), Verint (VRNT, Financial), and Google Cloud Marketplace (GOOG, Financial).
Mizuho also reaffirmed an Outperform rating and a $55 target, pointing to Five9's AI traction as a major growth driver. In leadership changes, longtime CFO Barry Zwarenstein will retire on March 31 after 13 years with the company. Bryan Lee, Executive VP of Finance, will take over as interim CFO on April 1 while Five9 searches for a permanent replacement. Five9's platform powers cloud-based contact centers, offering AI-driven solutions like virtual agents, workflow automation, and real-time insights.
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