Minneapolis-based Jamf Holding, which helps companies manage their Apple products across their enterprises, saw its third quarter revenue increase 36% to $95.6 million.
Minneapolis-based Jamf Holding sees Q3 revenue increase 36%
Jamf spent a good portion of its earnings call explaining how a new Apple initiative should not affect its business.
November 11, 2021 at 11:47PM
"Throughout the year we've talked about the remarkable momentum, consistency and balance across our business, and Q3 was no exception," said Jamf Chief Executive Dean Hager in a news release.
The company lost $30.4 million, or 26 cents a share, compared with a loss of $5.4 million, or 5 cents a share, in the third quarter of 2020. Adjusted earnings per share was 1 cent, in line with analysts expectations. In the third quarter of 2020, Jamf's adjusted EPS was 7 cents a share on revenue of $70.4 million.
Jamf added 4,000 more customers, ending the third quarter with 57,000 customers.
Hager spent much of the question-and-answer session with analysts discussing Apple's launch announcement earlier this week of a Beta version of Apple Business Essentials — a package of device management and cloud storage and security solutions Apple will offer to small businesses.
Hager assured analysts that Jamf knew of Apple's plans and that the new services are targeted toward a section of the market that will not affect Jamf's business. Therefore, the new Apple product will not represent direct competition.
"As with all Apple innovations, we believe this latest offer presents new opportunity for Jamf. Anything that raises Apple's profile in business is great for Jamf," Hager said.
On July 1, Jamf closed on its $400 million acquisition of Wandera, an Apple first provider of cloud security services and access for mobile devices. The deal expanded Jamf's enterprise-wide security offerings and during the quarter Wandera contributed about $5.1 million in additional revenue.
On the earnings call with analysts, Hager said the company was already realizing some integration wins from the Wandera deal and would soon be pairing more Jamf and Wandera services together.
Apple's announcement dinged Jamf's share price. It was down more than 10% on Wednesday and another 5% Thursday. Jamf reported its third-quarter results after the markets closed Thursday.
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