Q3 2024 WithSecure Oyj Earnings Call Transcript
Key Points
- WithSecure Corp (FRA:DTV0) reported a 11% year-on-year growth in Elements Cloud ARR, indicating strong performance in their cloud software segment.
- The company achieved a net revenue retention rate of 104%, showcasing effective customer retention and upselling strategies.
- WithSecure Corp improved its position in the Gartner Magic Quadrant, reflecting enhanced execution capabilities and vision completeness.
- The DACH region (Germany, Austria, Switzerland) showed consistent growth, highlighting the company's strong market presence in Europe.
- The company successfully launched new products, including exposure management and a generative AI assistant, expanding its service offerings.
- Managed services revenue declined due to churn of larger customers, impacting overall growth.
- Consulting revenue was below expectations, attributed to financial constraints and cautious spending by key accounts.
- The company impaired goodwill by EUR15.5 million, reflecting adjustments in revenue outlook and market risk factors.
- There is ongoing uncertainty regarding the potential divestment of the consulting segment, with no decisions made yet.
- The company faces challenges in maintaining growth momentum, particularly in the DACH region, due to economic slowdowns.
Very good afternoon from Helsinki, Finland and welcome to WithSecure. My name is Laura Viita, I am the Investor Relations Director of WithSecure and very happy to wish you all welcome to this third quarter 2024 results release. It has been a very eventful quarter with great news and some news not so great. So we are here to answer all the questions and open up what happened during the quarter.
we have today our CEO, Antti Koskela talking about the business, customers, market during the quarter, and then our CFO, Tom Jansson talking through the numbers of the third quarter. If you're watching us on the webcast, you can log in questions at any time. We will have a Q&A session at the end after the presentations.
So with this, I'm handing over to President and CEO of WithSecure, Antti Koskela.
So thank you, Laura and hey, welcome everybody from my part, everybody here in the room and everybody over there in the
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