Brief: Pexip says Q1 revenue grew by 67% year-on-year

Pexip Holding ASA

27/05/2020 05:31

May 27 (Reuters) - Pexip Holding ASA  PEXIP.OL :
    * NOK 150.1 MILLION IN REVENUE FOR Q1 2020, AN INCREASE OF
67%
COMPARED TO Q1 2019 REVENUE OF NOK 89.9 MILLION
    * REVENUE FROM INFINITY, PEXIP'S SELF-HOSTED SOFTWARE
OFFERING,
AMOUNTED TO NOK 111.8 MILLION, UP FROM NOK 66.8 MILLION IN Q1
2019
    * REVENUE FROM CLOUD SERVICES AMOUNTED TO NOK 38.3 MILLION
IN Q1
2020, UP FROM NOK 23.1 MILLION IN Q1 2019
    * EBITDA WAS NOK 35.8 MILLION IN Q1 2020 (24% OF REVENUE)
COMPARED
TO NOK 19.8 MILLION IN Q1 2019 (22% OF REVENUE)
    * HAS EXPERIENCED A SIGNIFICANT INCREASE IN DEMAND FOR OUR
VIDEO
CONFERENCING PLATFORM AS A RESULT OF COVID-19.
    * WE HAVE SEEN A 7X SPIKE IN USAGE ACROSS EXISTING AND NEW
CUSTOMERS
    * NOW WE ARE SEEING THAT SITUATION HAS STABILIZED AS MANY
ORGANIZATIONS HAVE GOT TOOLS AND PROCESSES IN PLACE FOR REMOTE
WORKING
    * WE DO, HOWEVER, BELIEVE THAT COVID-19 WILL HAVE A
LONG-TERM
EFFECT ON DEMAND FOR VIDEO COMMUNICATION

Source text for Eikon:  urn:newsml:reuters.com:*:nObixy8VVa
Further company coverage:  PEXIP.OL 

 (Reporting By Terje Solsvik)
 ((terje.solsvik@thomsonreuters.com;))