SurveyMonkey Reports 17% First Quarter Growth

US-based SurveyMonkey has reported a 17% increase in first quarter revenue to $68.6m. In terms of profitability, GAAP net loss was ($17.8m) but adjusted EBITDA was $8.5m.

The company boasts seventeen million active customers, who use its products to measure and understand feedback from employees, customers, web site and app users, and the market. For the period ended March 31st 2019, the number of paying users increased 10% to 670,862 compared with 610,457 in Q1 2018. Approximately 78% of these paying users were on annual plans - up from 75% in Q1 2018 and 77% in Q4 2018 - and average revenue per user rose 8% to $423, compared with $390 in Q1 2018, and down slightly from $425 in Q4 2018.

Revenue from the firm's Enterprise products was approximately 16% of the total, up from 13% in the fourth quarter of 2018, on the back of a 37% increase in the number of enterprise customers - from 2,838 in Q1 2018 to 3,909 at the end of the first quarter 2019.

At the beginning of April, SurveyMonkey closed its acquisition of Voice of the Customer (VoC) tech provider Usabilla, and during the first quarter it incurred approximately $0.9m in transaction costs in connection with the deal. For the second quarter, the company expects revenue in the range of $72m to 73m, suggesting 15-16% year-over-year growth.

CEO Zander Lurie (pictured) comments: 'Our Q1 2019 results mark a strong start to the year and demonstrate the continued progress against the execution plan we outlined during our IPO. Our recent acquisition of Usabilla strengthens our international presence and we believe our combined software solutions offer unparalleled value to customer-centric marketers and will further accelerate our enterprise sales. We continue to deliver solid revenue growth and robust cash flow, and have increased confidence in the strategy we are executing to scale our business'.

Web site: www.surveymonkey.com .