More Revenue, More Losses for SurveyMonkey

Research software company SurveyMonkey has reported a 20% increase in second quarter revenue to $75.1m, driven by a 12% rise in the number of paying users and higher average revenue per user. Net loss was up almost 50% to $18.48m, although adjusted EBITDA was positive at $10.3m.

SurveyMonkey provides customizable survey tools and a suite of programs for data analysis, sample selection, bias elimination and data representation. Its Audience platform is currently available to customers in more than 60 countries, while its Enterprise service offers an enhanced version of the survey product, promising organisations the ability to bring individual users into a centrally managed system.

For the period ended June 30th 2019, the number of paying users increased 12% to 692,455 from 616,111 in Q2 2018; and average revenue per user was $442, up from $410. Enterprise sales revenue was approximately 20% of total revenue, up from around 11% in Q2 2018. SurveyMonkey ended the quarter with 4,777 enterprise sales customers, up from 2,990. This includes a one-time increase of approximately 400 new enterprise sales customers following the acquisition of Voice of the Customer (VoC) tech provider Usabilla.

CEO Zander Lurie (pictured) comments: 'With revenue growing 20% year-over-year, our Q2 financial results demonstrate that we continue to execute well against our key growth strategies - selling our enterprise-grade solutions directly to organizations, driving adoption of our collaborative self-serve teams plans, and expanding our international footprint. We are entering the second half of this year with incredible momentum and we're more confident than ever about the opportunity ahead'.

Web site: www.surveymonkey.com .