PriceSensitive

Docebo Q1 revenue bumps as pandemic drives businesses online

Technology
TSX:DCBO
12 May 2020 11:18 (EDT)
Docebo Inc. - CEO, Claudio Erba

Source: Medium

Software developer Docebo (TSX:DCBO) has seen a spike in its first quarter revenue as COVID-19 drives more users to online platforms.

Revenue in the three months leading up to March 31 was approximately C$18.92 million, 56.7 per cent higher than in 2019’s corresponding quarter.

The company develops learning software for businesses and corporations to allow for more efficient in-house training.

Around 90 per cent of the revenue was from the subscriptions for this platform. 

The company also tipped into net profit this quarter, reporting a net income of approximately $0.98 million, versus a net loss of around $3.50 million in 2019’s same quarter.

However, this was largely due to an unrealised gain in the company’s assets, which resulted in a $5 million bump to its bottom line.

The company expects this upward trend to continue with more users logging on to its platform while shelter-place-measures remain in effect.

Claudio Erba, CEO and Founder of Docebo, believes the increased interest in the company’s platform could extend past the pandemic.

“As the COVID-19 situation has unfolded we have seen higher utilization and interest in our platform.

“Although we must be pragmatic and appropriately cautious in the current environment, as economies recover from this pandemic, we believe there will be lasting changes in remote working behaviour that further underscores importance of learning management systems for every enterprise,” he said.

The company only debuted on the TSX last October. Despite dipping at the onset of the COVID-19 pandemic, the company’s market share has been steadily rising, it is currently 40 per cent higher than at its IPO.

Docebo (DCBO) is up 2.47 per cent, with shares trading for $19.11 at 9:48am EDT.

Related News