LivePerson's Mixed Outlook: Strong Q3 Performance but Uncertainty in Sustained GrowthWe reiterate our Hold rating on LivePerson (LPSN) following the company's solid 3Q25 earnings print in which revenue and adj. EBITDA came in above consensus expectations. LPSN benefited from a pull forward of deal closures during 3Q, which translated to earlier than expected revenue recognition, hence, upside to the quarter. We find it encouraging that the company's recent stabilization of its balance sheet is resulting in better renewal rates from customers that were previously considered churn risks and that should help to slow the pace of topline declines heading into 2026. When also factoring in a new product launch that is generating 7-figure+ pipeline in the early days, there are clearly signs of progress. However, we await further signs that the company can reinvigorate new logo adoption and return to profitable growth.