Cloud Stocks: SurveyMonkey Remains Focused On APIs, ISV PaaS Still Missing

 

According to a recent report by Technavio, the global online survey software market is expected to grow at 9% CAGR through 2024.  SurveyMonkey (Nasdaq: SVMK) recently reported its third quarter results that surpassed all market expectations, but its outlook was disappointing.

SurveyMonkey’s Financials

SurveyMonkey’s third quarter revenues grew 53% to $95.43 million. GAAP net loss was $26.1 million. On an adjusted basis, net loss was $1.3 million or a loss of $0.01 per share. The market forecast revenues of $95.13 and a loss of $0.01 per share.

Enterprise sales revenues accounted for 29% of the quarter’s revenues and grew 53%. Deferred revenue grew 24% to $165.1 million and remaining performance obligation grew 20% to $183.3 million. Its enterprise sales customers grew 25% to 7,700.

Paying users grew 13% to 803,000 with almost 87% of its paying users on annual plans, up 28%. Average revenue per user grew 7% to $478 for the quarter.

SurveyMonkey expects to report revenues of $99.5-$101.5 million for the fourth quarter and revenues of $436-$443 million for the year. The market forecast revenues of $101.5 million and an EPS of $0.00 for Q4 and revenues of $450 million and a loss per share of $0.05 for the year. The disappointing outlook sent the stock tumbling in the after-hours trading session.

SurveyMonkey’s Product Upgrades

In October, SurveyMonkey announced the general availability of its GetFeedback platform. The platform is a multi-channel customer experience platform that allows organizations to capture feedback from all channels, analyze, and use it to improve the customer experience.

GetFeedback is an agile CX platform with Salesforce Commerce Cloud that will enable brands to provide personalized experiences for shoppers that span web, mobile, social, and in-store. This purpose-built integration with Commerce Cloud has been built in partnership with Astound Commerce, an implementation partner for Salesforce. It is expected to deepen the platform’s integration with Salesforce solutions and strengthen the link between feedback and action for both their customers.

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Disclosure: All investors should make their own assessments based on their own research, informed interpretations and risk appetite. This article expresses my own opinions based on my own ...

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