Wrapping up Q2 earnings, we look at the numbers and key takeaways for the data analytics stocks, including Health Catalyst (NASDAQ:HCAT) and its peers.
Organizations generate a lot of data that is stored in silos, often in incompatible formats, making it slow and costly to extract actionable insights, which in turn drives demand for modern cloud-based data analysis platforms that can efficiently analyze the silo-ed data.
The 5 data analytics stocks we track reported a mixed Q2; on average, revenues beat analyst consensus estimates by 3.55%, while on average next quarter revenue guidance was 1.88% under consensus. Tech multiples have reverted to the historical mean after reaching all time levels in early 2021 and data analytics stocks have not been spared, with share prices down 28.6% since the previous earnings results, on average.
Health Catalyst (NASDAQ:HCAT)
Founded by healthcare professionals Tom Burton and Steve Barlow in 2008, Health Catalyst (NASDAQ:HCAT) provides data and analytics technology to healthcare organizations, enabling them to improve care and lower costs.
Health Catalyst reported revenues of $70.6 million, up 18.4% year on year, beating analyst expectations by 1.08%. It was a weak quarter for the company, with revenue guidance for both the next quarter and full year missing analysts' expectations.
“I am pleased to share that Q2 2022 marked another quarter of strong financial performance, including exceeding the mid-point of our quarterly guidance for both revenue and Adjusted EBITDA,” said Dan Burton, CEO of Health Catalyst.
Health Catalyst delivered the slowest revenue growth and weakest full year guidance update of the whole group. The stock is down 50% since the results and currently trades at $9.08.
Best Q2: Alteryx (NYSE:AYX)
Initially created as a way to organise census data for the government, Alteryx (NYSE:AYX) provides software that helps companies automate and analyse their internal data processes.
Alteryx reported revenues of $180.6 million, up 50.4% year on year, beating analyst expectations by 12.2%. It was an incredible quarter for the company, with an impressive beat of analyst estimates and a very optimistic guidance for the next quarter.
Alteryx scored the strongest analyst estimates beat, fastest revenue growth, and highest full year guidance raise among its peers. The company added 101 customers to a total of 8,296. The stock is down 7.18% since the results and currently trades at $47.00.
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Weakest Q2: Domo (NASDAQ:DOMO)
Founded by Josh James after selling his former business Omniture to Adobe, Domo (NASDAQ:DOMO) provides business intelligence software that allows managers to access and visualize critical business metrics in real-time, using their smartphones.
Domo reported revenues of $75.5 million, up 20.2% year on year, missing analyst expectations by 1.13%. It was a weak quarter for the company, with revenue guidance for both the next quarter and full year missing analysts' expectations.
Domo had the weakest performance against analyst estimates in the group. The stock is down 49.2% since the results and currently trades at $14.51.
Born out of a failed voice recognition startup by founder Spenser Skates, Amplitude (NASDAQ:AMPL) is data analytics software helping companies improve and optimize their digital products.
Amplitude reported revenues of $58.1 million, up 48% year on year, beating analyst expectations by 5.34%. It was a strong quarter for the company, with an exceptional revenue growth.
The company added 135 customers to a total of 1,836. The stock is down 7.17% since the results and currently trades at $15.00.
Started by Peter Thiel after seeing US defence agencies struggle in the aftermath of the 2001 terrorist attacks, Palantir (NYSE:PLTR) offers software as a service platform that helps government agencies and large enterprises use data to make better decisions.
Palantir reported revenues of $473 million, up 25.9% year on year, in line with analyst expectations. It was a weak quarter for the company, with revenue guidance for both the next quarter and full year missing analysts' expectations.
The stock is down 29.5% since the results and currently trades at $8.06.
The author has no position in any of the stocks mentioned