The month of March will be remembered as a transformative one for businesses everywhere, and Citrix Systems (NASDAQ: CTXS) was in the thick of it. S&P Global Market Intelligence reported that the stock price jumped 37% while the rest of the market plummeted into bear market territory.
As the coronavirus crisis reached pandemic status and people were directed to stay at home by government mandates, businesses adapted to remote work. Citrix, known for virtual private networking (VPN) software that lets users remotely access work computers and networks over an encrypted connection, became a go-to tool for home-based employees.
The company already had wide acceptance. With 2019 annual revenue of $3.01 billion, Citrix solutions are in use by more than 400,000 organizations, including 99% of the Fortune 500. But demand is exploding as it becomes apparent that employees all across the globe will be working from home for at least the next month, and probably longer.