Posted on Thursday, Mar 31st 2022
According to a recent report, the
global Application performance monitoring market is estimated to grow at 11% CAGR to reach $15 billion by 2028. The continuously increasing complexity of applications is driving the growth in this market. Splunk (NASDAQ: SPLK) continues to grow its enterprise clients at a stellar pace, thus driving interest in its stock. Splunk’s Financials
Revenues for the fourth quarter grew 21% to $901 million, surpassing the market’s expectations by 16.41% and significantly better than the negative growth rate reported in fiscal 2021. EPS of $0.66 was higher than the market’s estimate of a loss of $0.19 per share.
By segment, license revenues grew 9.5% to $444.58 million. Maintenance and service revenues fell 0.3% to $167.18 million. Cloud revenues grew 68.8% over the year to $289.36 million.
Among other metrics, Annual Recurring Revenue (ARR) grew 32% over the year to $3.12 billion. Customers with cloud ARR of more than $1 million grew 30% over the year to 317, and customers with a total ARR of more than $1 million grew 70% to 317, suggesting a strong growth within the enterprise segment.
For the full fiscal year, revenues grew 20% to $2.67 billion and loss per share was $1.25.
Splunk forecast revenues of $615-$635 million for the first quarter, compared with the market’s forecast of $607.34 million. For the fiscal year, it forecast revenues of $3.25-$3.3 billion, compared with the market’s forecast of $3 billion.
Splunk’s Cloud Focus
Recently, Splunk announced the general availability of Enterprise Security 7.0. The product gives organizations information on how their security program is running. The new Executive Summary Dashboard features key performance indicators that provide insights into the health of the SOC and make reporting to CISOs and other senior leaders easier. It proactively notifies the user of a new update available for the Content Updates App, providing the latest security content from the Splunk Threat Research Team, right when it’s available.
It also announced the availability of Splunk APM’s AlwaysOn Profiling. The product provides continuous visibility of code-level performance, linked with unsampled trace data, all with minimal overhead. It provides engineers with more context, allowing them to identify performance issues and troubleshoot faster across production environments. On the observability front, Splunk now provides end-to-end visibility across infrastructure health, application performance, and digital customer experience with its AI-powered investigations. Customers can now integrate Splunk logs with broader observability telemetry data with Log Observer Connect and Splunk is gaining significant market traction through the innovation. Last month, it was named a leader in the GigaOM Radar for application performance monitoring.
Meanwhile, Splunk continues to improve upon its PaaS strategy. It still does not disclose a lot of
metrics of its PaaS ecosystem. But, the company did announce that its customers had access to more than 2,400 apps on Splunkbase as they continue to build custom applications tuned to specific needs.
The market is pleased with Splunk. It recently named Gary Steele, the CEO-founder at Proofpoint, as its CEO and the successor to interim chief Graham Smith. Gary is a highly respected leader in the technology market and was instrumental in driving Proofpoint to its $1 billion revenue. Analysts are counting on his expertise to help drive Splunk to even higher levels.
Its stock is currently trading at $142.09 with a market capitalization of $22.8 billion. It had climbed to a 52-week high of $176.66 in November last year. The stock has recovered from the 52-week low of $105.45 it had fallen to in December last year.
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 research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. Photo Credit: Ted Striker /Flickr.com. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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