03/04/2025, 07:13 AM UTC
营收下滑，这家公司看起来像是死钱（评级下调）ON24: With Revenue Crumbling, This Is Looking Like Dead Money (Rating Downgrade)
1. ON24正面临收入和客户基础的下降，受到Zoom和思科Webex的激烈竞争加剧；2. 该公司第四季度结果显示收入持续同比下降7%，ARR同比下降6%；3. ON24的业务模式存在缺陷，只有51%的ARR在多年协议中，使其收入基础不稳定；4. 尽管股票交易价格低于1倍前瞻性收入，但ON24很可能会继续失去ARR，使其成为一个明显的价值陷阱。1. ON24 is facing declining revenue and customer base, worsened by strong competition from Zoom and Cisco's Webex; 2. The company's Q4 results showed a continued -7% y/y decline in revenue and a -6% y/y decline in ARR; 3. ON24's business model is flawed with only 51% of ARR in multi-year agreements, making its revenue base unstable; 4. Despite the stock trading at <1x forward revenue, it's likely that ON24 will continue to lose ARR, making it a clear value trap.---
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