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- Qualtrics above expectations 💪
Qualtrics above expectations 💪
And also: The best VC's for an IPO exit 🎓, Bullish on Microsoft Azure ☁️, SAP Q3 results ✅
This is the Cloudly Update. Helping you stay above the Clouds.
Today we bring you:
Qualtrics earnings beat
Best SaaS VC for IPO exit
Investors bullish on Microsoft cloud business
SAP Q3 results
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Qualtrics announced Q3 solid results with a 39% increase in revenue growth at $377.5M and non-GAAP earnings of $26.4 million or $0.04 per share.
Recorded operating loss of $(239.9) million, compared to $(277.5) million one year ago.
Non-GAAP operating income was at $22.6 million v/s $13.3 million.
GAAP operating margin was (64) % v/s (102) % and non-GAAP operating margin was 6% v/s 5% one year ago.
Net loss was $(233.5) million, or $(0.40) per share, compared to $(286.0) million, or $(0.56) per share in Q3 2021.
Total cash and cash equivalents were at $731.7 million.
The company issued upside guidance for Q4 and see EPS of $0.02-$0.03, excluding non-recurring items. It expects total revenue between $380 and $382 million and a non-GAAP operating margin between 5.5% and 6.5% in Q4.
Qualtrics updated its guidance for its full year ending December 31, 2022. And expecting total revenue between $1,450 and $1,452 million and subscription revenue between $1,219 and $1,221 million. Expecting Non-GAAP operating margin of 4%.
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Finding the most successful VC firm by looking at 71 SaaS IPOs of the last three years and their major investors. The list includes 46 major investors.
Accel (11 IPOs), Sequoia (9 IPOs), ICONIQ (7 IPOs), Insight (5 IPOs), and Tiger (7 IPOs) are on top of the SaaS IPO list.
Thirteen venture firms have 3 or 4 IPOs, including Bessemer, August, and Battery.
28 of the 46 investors have 1 or 2 IPOs.
Surprisingly, Softbank only has 1 IPO.
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Analysts are closely watching Microsoft's cloud business and strongly believe Cloud is going to play a vital role in their long-term growth story.
Microsoft Cloud revenue came in at $25 billion in the most recent quarter, representing nearly half of the company's total revenue and up 28% year-over-year.
Microsoft is ahead of the pack with its high-tech cloud platform, making them among the investors' top picks. Microsoft will release its FY'Q1 earnings report on the 25th of October.
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SAP cloud revenue was up 38% and was up 25% at constant currencies in Q3. The current cloud backlog was 38% up and 26% up at constant currencies. SAP S/4HANA's current cloud backlog is up 108% and up 90% at constant currencies. IFRS cloud gross profit is up 44%, non-IFRS cloud gross profit is up 42%, and up 30% at constant currencies. IFRS operating profit is down 1%, and non-IFRS operating profit is down 8% at constant currencies.
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