Volatile stock to watch: Jamf Holding Corp (NASDAQ: JAMF)

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 Jamf Holding Corp (NASDAQ: JAMF) stock lost over 5.4% on 2nd September, 2020 (as of 1:27 pm GMT-4; Source: Google finance) on outlook concerns hurt by uncertain IT spending environment as renewals, capital spending and new IT projects are subject to more scrutiny across organizations. So for the third quarter of 2020, the firm sees a total revenue in the range of $65 million to $66 million, rising 19% to 21% year-over-year; while non-GAAP operating income is seen in the range of $5 million to $7 million; and a nonrecurring charge of $5.2 million related to the early extinguishment of term loan facility. For the full year 2020, the firm forecasts total revenue in the range of $255 million to $257 million, which is a rise of 25% to 26% year-over-year.

For the second quarter of 2020 performance, the firm’s revenue surged 29%yoy to $62.2 million, boosted by recurring revenue growth of 42% on a yoy to $58.8 million, which represents 94% of total revenues. The Annual recurring revenue, or ARR, as of June 30, was $241 million, which is a rise of 36% on a yoy basis. High device expansion rates, new logo acquisition and upselling and cross-selling opportunities for products into installed base drove the business.

Gross profit rose 37% yoy to $51.3 million, while gross margin rose 5 points on a yoy basis to 82%, driven by recent historical rates due to a mix shift in revenue and cost of sales as they delivered less of lower-margin safe for safe services due to COVID restrictions.

The firm had 17.2 million devices on their platform, rising a 19% yoy driven by the health care and education verticals this quarter as COVID-19 has accelerated the demand for organizations to connect remotely, manage and protect their Apple devices. The firm has over 100,000 members, but no end customer comprising over 1% of annual revenue. The firm is positioned in the Apple Enterprise Management market which is forecasted to be $10.3 billion in 2019 and is expected to grow at a compound annual growth rate of 17.8% to $23.4 billion by the end of 2024 as per  Frost & Sullivan.

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