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 Channel Futures

Cloud


SaaS Stocks Delvering Strong 2009 Performance (So Far…)

  • Written by Joe Panettieri 1
  • May 24, 2009

Despite new concerns about Salesforce.com’s growth rate, software as a service (SaaS) stocks are outperforming the Dow, S&P 500 and Nasdaq so far this year, according to our SaaS 20 Stock Index. And a new relationship between IBM and Intuit shows where SaaS is heading next. Here’s a look at SaaS trends on Wall Street.

Yes, the SaaS 20 Stock Index slipped 0.35% for the week ending May 22, 2009. Intuit (INTU) was among the biggest weekly winners, up 11.09%. While Salesforce.com (CRM) fell about 10 percent for the week.

However, the SaaS 20 Stock Index is up 11.52% year to date. That easily outpaces broader indexes, according to Associated Press data:

  • The Dow Jones Industrial Average is down 5.69 percent this year.
  • The S&P 500 is down 1.80 percent.
  • The Nasdaq is up 7.29 percent.

Winners and Losers In SaaS

The latest SaaS earnings news has been a mixed bag:

  • Intuit (INTU), which has a growing SaaS business, delivered strong quarterly earnings on May 21.
  • And Salesforce.com (CRM) — the poster child for SaaS — predicted slowing top-line growth on May 21, which caused concern among investors.

First, the good news.  Intuit‘s quarterly revenue ($1.434 billion) slightly beat Wall Street consensus expectations of $1.42 billion, according to Barron’s. And earnings per share ($1.68) easily beat Wall Street’s consensus expectations of $1.61, Barron’s added.

Meanwhile, Intuit announced a small business appliance in partnership with IBM. Big Big plans to offer an $8,000 appliance that comes with a pre-integrated version of Intuit QuickBooks Enterprise Solutions software.

Yes, there is a SaaS angle here: Customers will also have access to remote services such as managed security and hosted data backup and recovery services through IBM’s cloud services, according to IBM. And resellers will play a key role in promoting the Intuit products and IBM services.

Salesforce.com: Slowing Growth?

Still, investors got a little nervous after Salesforce.com on May 21 predicted slowing growth. According to The Motley Fool:

  • First quarter results were strong — with net income jumping 88 percent.
  • Annual profits will likely be 8 percent higher than previously expected.
  • But CEO Marc Benioff cut revenue guidance, which triggered investor concern.

That aside, the SaaS 20 Stock Index’s performance continues to outpace the broader stock market so far in 2009.

Follow The VAR Guy via RSS; Facebook; Identi.ca; Twitter; his Newsletter; Webcasts and Resource Center.

Tags: Cloud Service Providers Digital Service Providers MSPs VARs/SIs Cloud

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