Earnings
Citrix earnings: WFH drives a big earnings beat
Demand for remote-work tools drove revenue up 20% year-on-year.

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Demand for remote-work tools drove revenue up 20% year-on-year.
The big number: Citrix pointed to a big increase in annualized recurring revenue, which was up 50% year-over-year. It said subscriptions make up an increasing proportion of its total bookings, offering investors a more stable return.
People are talking: "What used to be perceived as a requirement for a subset of employees has emerged as a mission critical enabler of business continuity," CEO David Henshall said in a letter to investors.
Opportunities: Citrix has been a big beneficiary of remote working, with its tools enabling companies to keep things online. Henshall said the "tailwind can be seen broadly across both perpetual and subscription licensing."
Threats: Though Citrix's leadership team stressed that the hardest-hit sectors of the economy — like restaurants — aren't big clients, it's still vulnerable to an economic downturn: "Customers are putting on hold discretionary projects and are less inclined to 'trade-up' from existing solutions as the economic environment continues to weaken," Henshall wrote.
The power struggle: Citrix thinks (and hopes) this crisis may have catalyzed a permanent change. "We expect business continuity and risk mitigation to rise as areas of importance in boardroom discussions and on IT priority lists," he said, adding that he believes "a greater number of employees will expect to continue to be able to work remotely."
Shakeel Hashim ( @shakeelhashim) is a growth manager at Protocol, based in London. He was previously an analyst at Finimize covering business and economics, and a digital journalist at News UK. His writing has appeared in The Economist and its book, Uncommon Knowledge.
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