MobileIron, one of the leaders in enterprise mobility management, has reason to celebrate after posting impressive numbers in its first earnings report since going public last month.
The Mountain View, Calif.-based company beat analysts’ second-quarter projections in earnings and revenue, when it reported its financial results Wednesday following the market's close.
Investors sent the company's shares up as much as 15 percent in after-hours trading Wednesday and the company's stock continued its rise the next day, closing up about 6 percent on Thursday to a market value of $671.83 million.
MobileIron reported second-quarter non-GAAP revenue of $30 million, up 56.4 percent from the year-ago period and beating consensus estimates of $26.84 million.
Gross billings rose 73 percent from last year, to $34.9 million.
The company reported a non-GAAP loss per share of $0.52, lower than the $0.70 per share loss analysts expected.
The positive numbers out of MobileIron correlate with the growth of enterprise mobility, said CEO Bob Tinker.
“During the second quarter, we were pleased that our results demonstrate how quickly Mobile IT is accelerating in the enterprise market,” he said in a statement. “Our results are driven by customers increasing adoption of mobility and customers progressing on their journey to become Mobile First organizations. Customers are moving beyond just secure email and now require secure mobile applications and secure access to mobile content and documents on all the major mobile operating systems.
The seven year-old company said 400 of the Forbes Global 2000 companies use MobileIron solutions.
MobileIron was also one of the leaders in Gartner’s Magic Quadrant, along with EMM solution provider, AirWatch, beating out big names in the space such as Citrix and IBM.
The company said it has a customer renewal rate of over 90 percent, which should help make it profitable within three years.
“Although the company is still not yet profitable, they continue to build a very competitive product,” said Ira Grossman, CTO of end user and mobile computing for MCPc, a nationwide MobileIron partner specializing in mobile solutions with its Anyplace Workspace. “It’s still a two-horse race between AirWatch and MobileIron in the space. I think it’s a relatively new space. It will grow as they continue to grow market share. To stay competitive it is going to cost money to fund all that innovation and development.”
MobileIron projects its full-year non-GAAP revenue for 2014 to be between $115 million and $125 million and GAAP revenue to be between $120 million and $130 million.
Grossman noted that IBM did fairly well in the Magic Quadrant thanks to its acquisition of Fiberlink last fall. He said AirWatch and MobileIron’s solutions for managing corporate content, is where IBM and Fiberlink need to play “catch up.”
Gartner credits MobileIron’s MDM offering support for iOS, Android, Windows Phone, Windows 8 and Mac OS X, while it’s the only EMM vendor that offers real-time remote-view capabilities on iOS.
“The mobile world is evolving and our customers are evolving with it,” Tinker said. “We thank our global customers for their business and we continue to invest in our best-of-breed platform to enable their Mobile First initiatives in this multi-OS world."
PUBLISHED JULY 31, 2014