According to an IBISWorld research report, the US online survey market is estimated to grow 5% y-o-y to $1.2 billion in 2020, at a CAGR of 10% since 2015. San Mateo-based SurveyMonkey (Nasdaq: SVMK) announced its third-quarter results recently that continued to surpass market expectations.

SurveyMonkey’s Financials

SurveyMonkey’s revenues grew 22% over the year to $79.3 million, ahead of the market’s forecast of $77.86 million. It ended the quarter with a net loss of $16.3 million. For the quarter, it reported an adjusted net loss of less than $0.01 per share, compared with the Street’s estimated loss of $0.06 per share.

Among key metrics, paying users grew 15% over the year to over 713,215. 82% of its paying users were on annual plans, compared with 76% a year ago. Average revenue per user (ARPU) grew 7% over the year and 1% over the quarter to $448.

For the current quarter, SurveyMonkey expects to report revenues of $83-$84 million with an adjusted operating loss of 3%-1%. It expects to end the current year with revenues of $306-$307 million and an adjusted operating margin of 0%-1%.

SurveyMonkey’s Growth Focus

SurveyMonkey has been actively pursuing the enterprise segment. For the last reported quarter, Enterprise sales accounted for 23% of its total revenue, growing from 12% a year ago and 20% a quarter ago. It ended the quarter with 5,346 enterprise sales customers, up 66% over the year.

To continue to attract the market, it recently launched its Einstein Bot on Salesforce AppExchange. The Bot empowers customers to capture real-time feedback from conversational bot interactions. It is targeted at brands who want to improve their customer experience programs by offering a simple chatbot interaction to collect feedback. The bot triggers direct customer feedback into Salesforce for enterprise customers and is able to identify issues or insights in a timely manner.

The Einstein Bot is easy to deploy for joint SurveyMonkey Enterprise and Salesforce customers. It can trigger data back into Salesforce automatically when the customer interaction is completed by the bot, and it integrates different data sets with service ratings to deliver actionable feedback on customer experience.

In line with the enterprise focus, SurveyMonkey has also been adding to its certifications and awards. Last quarter, it announced that it had achieved the ISO 27001 certification. The accreditation certifies that SurveyMonkey has some of the highest standards when handling and protecting customer data.

The market is pleased with SurveyMonkey. Its stock is currently trading at $19.89 with a market capitalization of $2.7 billion. Earlier this week, it had climbed to a 52-week high of $20.56. The stock has grown from the 52-week low of $11.29 that it was trading at in February last year. In September 2018, it had raised $180 million by selling shares at $12 apiece at a valuation of $1.5 billion.