Dubber Corp Ltd (ASX: DUB) shares are surging to an all-time record high today after the company released a record March quarter update. At the time of writing, the Dubber share price is trading a whopping 16.28% higher to $2.50.
Dubber produces cloud-based call recording software designed for service providers and businesses. Its technology can capture calls and conversations automatically, storing them in the Dubber Voice Intelligence Cloud with enriched artificial intelligence (AI) capabilities to allow for instant replays, insightful transcription, sentiment analysis, alerts and notifications.
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Dubber March quarter highlights
The Dubber share price is rocketing to record highs after the company announced that all key metrics had experienced substantial growth.
Annualised recurring revenue increased 20% quarter on quarter to $34 million, or 158% on the prior corresponding period. Similarly, revenue increased 54% to $6.6 million from a quarterly perspective and 152% compared to a year ago.
Dubber's strong growth was driven by a record rate of new users joining, with a 155% year-on-year increase to more than 380,000 subscribers. The company expects user growth to continue to increase significantly in the current quarter with the introduction of its Foundation Partner Program.
In further news boosting the Dubber share price, several of the company's existing service provider partners will deploy the Dubber platform as a standard feature across their network base. This will provide Dubber with a large-scale customer reach into end-user accounts for jointly up-selling additional services.
During the quarter, the Dubber platform went live with three AT&T networks that target large enterprise, government, education, and business clients. The company is seeing a positive uptake in its software-as-a-service (SaaS) monthly subscription users and services.
Dubber's unified call recording (UCR) feature has continued to make headway with previous partnership/integration with Microsoft Teams and Cisco's Webex, and availability on Zoom this quarter. This allows for secure compliance and voice intelligence call recording for the respective meeting rooms.
Dubber believes it will be a significant beneficiary of telecommunication services increasingly moving to a cloud environment.
Management commentary
Dubber CEO Steve McGovern commented on the company's results, saying:
We are delighted to have delivered such a strong quarter, achieving outstanding growth in all of our key metrics. The company is very well positioned to continue to take advantage of the major shift towards cloud based and 'work from anywhere' communications we are seeing in all our geographies. Governments and businesses understand the need to act on the requirement to capture conversations and voice data across their entire business.
Ever expanding requirements to record and store conversations for proactive compliance and dispute resolution, and, revenue, customer and personnel intelligence all continue to drive the need for voice data and intelligence at scale. We remain very positive as to Dubber's growth and leadership
Head above the clouds for the Dubber share price
The Dubber share price was a test of patience between late November 2020 and April 2021. Despite a continuous stream of positive news, the company's shares continued to move back and forth between highs of $1.85 and lows of $1.45 between this period.
Its shares finally pushed above its trading range after the announcement of its collaboration with Zoom on 14 April. Year to date, the Dubber share price has surged by nearly 43%. Over the past year, the company's shares have rallied by almost 175%.
