Investment overview CXM reported a bad and disappointing 1Q25 quarter. Revenue grew 13% y/y to $195.9 million, which was a big deceleration from the 17.5% y/y growth seen in 4Q24 and 19.6% y/y growth seen in 1Q24. Profitability performance was mixed. Pro forma gross margin missed consensus estimates by 20bps, coming in at 74.2%. However, pro forma EBIT came in 10bps ahead of consensus estimates and management's guidance, at 10.4%. I underestimated how CXM would be impacted by the bad macro environment. Espe ...