AYX - With Its Data Analytics Engine Alteryx Keeps Its Foot on the Gas in Q3 2019
The data analytics industry has been big news this year, and for good reason. Businesses are spending hundreds of billions of dollars, possibly trillions, to update their operations for the digital age. Tools that make sense of all that new digital data are thus in high demand. Google parent Alphabet and salesforce.com have both spent billions to acquire analytics firms, and a new firm, Datadog, recently hit the market toting a valuation of $10 billion.
Not to be left out of the conversation is the (relatively speaking) old dog Alteryx (NYSE: AYX). Alteryx stock is up 76% over the trailing 12-month stretch, which includes a recent tumble along with other high-flying software companies late in the summer. Growth reaccelerated during the company's 2019 third quarter, though, and management sees plenty left in the tank in the years ahead.
The company's Q3 revenue grew 65% year over year to $103 million. Alteryx landed 335 new customers in the quarter, bringing its total count up to 5,613. Management said that only 683 of those relationships are in the Global 2000 (a list of the world's largest publicly-traded companies), leading to the belief that there's plenty of room to keep adding big new customer contracts.