So that was another pretty good week in the SaaS space:
#1. Shopify tops the quarter with over $8 billion ARR
Good news from the leader in e-commerce platforms. Shopify is back on the up, reaching $8 billion in annual revenue. Growth is currently at 21%, and even faster growth is forecast for the coming quarters. Don’t call Shopify a downturn.
More here:
Shopify, Toast and Monday are in top form: There is no “downturn” in the B2B2C sector
#2. Datadog also tops the quarter with over $2.6 billion ARR
Datadog also saw its growth accelerate again, up 27% on $2.6 billion in ARR. NRR remained strong at 115% and guidance was raised for the future.
#3. Abnormal Security grows over 100% to $200 million, raises $5 billion
Another leading cloud security provider growing at a breakneck pace. Not Viking-like. But very, very fast.
#4. Palantir also records growth acceleration, growing by 27% to $2.8 billion ARR
A major beneficiary of AI and government spending.
#5. Atlassian predicts to reach $10 billion ARR in about 5 years
Atlassian had a mixed quarter, but overall the company still forecasts revenue growth of 20% per year for the coming years, from $4.4 billion ARR today to over $10 billion ARR. A slowdown is not foreseeable.
5 Interesting Insights from Atlassian at $4.4 Billion ARR
So another good week in the SaaS space. Shopify, Toast, Atlassian, Palantir and others see no real slowdown. Security remains a major issue.
It wasn’t all sunshine and roses. But for many sectors and managers, 2024 is still a pretty good year.
