It really amazes me that they've put out these numbers, in what is effectively a meaningless way.
Now don't get me wrong, its somewhat reassuring to see the QAU rising, but sadly we're back to comparing apples & oranges again.
If your wanting to show growth to investors then you need to include at least the end of April number as well (personally I'd have preferred to see monthly totals from Jan onwards to gauge the real trends), otherwise all you have is 3 different time periods where there is no overlap, followed by one where part of the number comes from the previous time period.
So the question now becomes one of what happened during the Jan to Mar period ?
If use was consistent across each of those 3 month's, then you could see the renewed growth since then.
However given the comments we've had from the company about the Q3 slow down, it's more likely to be the case that the Feb number was the lowest of the 3 with March the highest.
They've also now defined "strong growth" to being something in the low 20% range ( not what I'd call strong growth as per a post I made to @huntfish about a week ago).
But I come back to the most crucial point I've been making for a long time now QAU on its own is not a meaningful gauge, investors need to know what the global install base number is at the same time.
Why ? because its the only way to find out if the product truly is getting some traction overall or in some markets (penetration rates), or is just simply a constant or falling percentage of the number of devices the product is installed on.
The answer to that question will determine whether this business succeeds or fails.
LOTM
SYT Price at posting:
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