Research software company SurveyMonkey has reported a 29% increase in first quarter revenue to $88.3m, driven primarily by enterprise sales which increased 128% during the period.
SurveyMonkey's platform helps more than seventeen million active users to measure and understand feedback from employees, customers, web site and app users, and the market. During the latest quarter, paying users totaled 746,200, an increase of 75,300, or 11% from 670,900 in Q1 2019, and a rise of 25,200 paying users from Q4 2019. Approximately 85% of these were on annual plans, an increase from 78% a year ago.
Q1 Enterprise sales revenue was approximately 29% of total revenue, up from approximately 16% in Q1 2019 and 25% in Q4 2019. The firm ended the quarter with 6,800 enterprise sales customers, an increase of 75% from 3,900 in Q1 2019.
For the three months ended March 31st, gross profit increased to $19.9m from $17.5m a year earlierr. Company deferred revenue was $152.0m, an increase of 37% year-over-year; while remaining performance obligation was $169.1m, an increase of 39%. GAAP operating margin was (25.2)% and non-GAAP operating margin was (1.6)%; while GAAP net loss was ($24.3m), and non-GAAP net loss was ($4.3m).
The company has taken several proactive measures to counter the possible effects of the pandemic, including a review of its facilities and related costs, a reduction in hiring plans, and a review of variable expenses across the business. CEO Zander Lurie (pictured) comments: 'SurveyMonkey's product suite is uniquely positioned to help our customers navigate this period of uncertainty. The results we delivered this quarter underscore the power of a market leading brand and agile software solutions that deliver value and results with speed. I'm confident we will emerge an even stronger company on the other side of this health and economic crisis'.
Web site: www.surveymonkey.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.