Software stocks were largely in the red this week, but we were encouraged to see Stamps.com (STMP) double the size of its current share repurchase authorization to $120 million in response to the market volatility of late.
Read MoreThe one thing we can count on each earnings season is a dramatic reaction to Stamps.com’s (STMP) results and outlook. In a seeming repeat of last quarter, the company posted another significant beat across the board highlighted by continued strength in new customer acquisition.
Read MoreSalesforce’s (CRM) 2020 Holiday Shopping Report revealed that online spending by consumers increased 50% Y/Y to $1.1 trillion worldwide and rose 43% Y/Y to $236 billion in the U.S. Domestically, initiatives to pull forward holiday spend fueled an 82% Y/Y increase in Pre-Cyber Week sales.
Read MoreWe have included several news items from last week to this week’s recap as there were some notable developments during the shortened holiday week. The most pertinent to us was the publication of the United States Postal Services’ monthly trial balance data prior to Thanksgiving, which revealed a 39% Y/Y increase in PC Postage revenue in October.
Read MoreA promising development in the fight against COVID-19 seemingly prompted a rotation out of software stocks, many of which have performed exceedingly well since the broad market sell-off at the onset of the pandemic.
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