Hosting as a product is dead. If Microsoft comes out with a backup product, what then? They may succeed but it feels like they got lucky with email backup growth. They talk diversification but they're actually more concentrated now through Microsoft even if their customers are becoming more distributed / smaller. What's the product road map? Management really did a number on retail pumping user growth last year with the result that some holders probably in since ipo could dump. Good luck.
Ann: Operations Update, page-15
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