Why SVMK Stock Popped Today
Shares of software company SVMK (NASDAQ: SVMK), also known as SurveyMonkey, popped on Friday after the company beat its own revenue guidance for the first quarter of 2021. And because of that beat, the company decided to raise its guidance for the rest of the year. As a result, the stock was up 10% as of 11:10 a.m. EDT today.
In its first-quarter letter to shareholders, management said, "Q1 can be summed up in one word: execution." For the quarter, SVMK generated revenue of $102.3 million, up 16% year over year and exceeding the high end of its revenue guidance of $101.5 million. Sales to enterprise customers grew faster than total revenue, up 24% from last year and now accounting for 30% of total revenue.
Image source: Getty Images.
Source Fool.com
