In its fourth-quarter 2020 report, cloud technology provider ON24, Inc (NASDAQ: ONTF) reported strong growth. This is the first report since the ON24 Inc. went public, and so far, ON24 has maintained strong momentum.
ON24 Inc (ONTF) closed the regular trading session at $55.21, up 3.16%. This stock is currently trading at an average volume of 639.52K shares per day, and it traded a total of 1.41 million shares on Friday. The 52-week high and low points of a stock’s current and future price are essential to consider when determining its current and future price. ON24 Inc. (ONTF) shares are currently 32.65% below their 52-week high mark and 20.28% above their 52-week low.
Last quarter, ON24 generated revenue of $ 53.3 million, a rise of 123 % YoY. The ONTF stock achieved a GAAP loss of $ 20.8 million in 2019, compared to a $ 17.5 million and $ 3.68 loss in 2019.
Increased demand for cloud collaboration solutions led to the addition of more than 2,000 new customers over the past year. Simultaneously, the number of customers with an annual spend of 100 thousand dollars or more increased by 110%. Nearly one-third of clients have long-term contracts, and orders received simultaneously for two or more solutions from ON24.
Many companies have deployed On24’s digital engagement platform that facilitates virtual meetings such as webinars and online conferences. The demand for such solutions has grown during the COVID-19 period.
The ON24 believes that solid growth will continue in 2021 as more companies transform, deploy telecommuting and web-based services. Losses are forecasted to be between $ 0.14 and $ 0.07. In this market, one of the advantages of ON24 is the seamless integration of newly released services into the existing business processes of customers.