Ooma Looks to Services for Phone, Security Products to Drive Revenue Growth
Cloud-based telecom company Ooma is looking toward subscription services to drive residential and commercial revenue growth, said Chief Financial Officer Ravi Narula on a Q4 earnings call Tuesday. Revenue for the quarter ended Jan. 31 was up 15 percent year…
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on year to $34.7 million, 89 percent from subscriptions and services. Product revenue, which recently hovered around $12 million-$13 million, is expected to be flat from FY 2019 to 2020, while the company eyes near-term subscription revenue growth from business and residential. CEO Eric Stang said development plans are shifting to new premium services the company can enable through its office platform, and its partnership with Sprint, announced at CES, for a 4G wireless home phone that doesn’t require an internet connection will play a bigger role in the broader company portfolio over time. The company is expanding its Telo residential phone service into home security, and its $149 indoor/outdoor Smart Cam, launched at CES, has had a good "take rate" with additional services on Amazon, said Stang: “We always like it to be higher, but it's gotten off to a good start." Shares closed down 0.1 percent to $16.04.