• July 22, 2024

SurveyMonkey Reported 18% Revenue Increase In Its First Quarter

Recently, SurveyMonkey reported an 18% increase in revenue, strengthened by sales to venture clients, when it accounted its first profits report as a public company. The company compared the statistics with earlier reports. The observations found were the loss per share was 1 Cent, whereas, previously it was 2 Cents; revenue was $65.2 Million, whereas, previously it was $55.3 Million; and its paid users were 621,000, which is an increase to 5,000.

The stock—which operates under the official name SVMK—surged by 3%, after dropping down by almost 2% during the regular trading session. Shares have turned down by about 28% since the stock’s introduction on the NASDAQ when it jumped 42% to $17. SurveyMonkey offers data analytics and digital survey tools to business clients and individual users. It is extending incrementally high revenue for the fourth quarter, directing toward quarterly sales between $64.8 Million and $66.8 Million. The company anticipates full-year income between $251.2 Million and $253.2 Million. The company stated its self-service trade estimated for 88% of sales during the quarter, but the sales-assisted section is quickly scaling. In its shareholder letter, the company stated that it is very early for the expansion and development of sales-assisted strategy and the company also saw huge traction with sales efforts through the quarter. The company signed contracts with companies such as NASDAQ, LinkedIn, Sky and Intercom.

Recently, SurveyMonkey was also in news as its shares climbed around 6%, after its top rival—Qualtrics—was obtained prior to a planned IPO (initial public offering). The shares closed by nearly 7%. SAP declared recently that it will obtain the survey software company for $8 Billion in cash. SAP stated that the deal has been accepted by both Qualtrics shareholders and boards. Qualtrics filed its IPO prospectus in last month, which is less than a month later than SurveyMonkey hit the NASDAQ.

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