Great results for the first quarter of the year despite the traditionally slow start
The first quarter of the year is traditionally slow, especially the first month, and this year has been no exception.
However, the Q1 target for cross product bookings was exceeded by 13%.
The year-on-year performance remains strong:
- 52% Y/Y growth for overall bookings
- 24% Y/Y growth for product bookings
- triple-digit Y/Y growth in new annual recurring revenue
In terms of geographical split, most revenue this quarter was from Europe and the USA, with roughly equal contributions from each.
The profitability metrics remained stable.
For Q2, we expect stable business growth while profitability will decrease slightly as management will make several growth investment decisions.