Pretty alarming decline. I think they understand their "data" moat is under threat (contact data is a commodity now as you indicated) and they are extracting as much value as they can before the inevitable.
Exactly. Whenever you see a company's S&M and G&A increase at the expense of R&D it tells you they have a sales-led culture and a short term horizon. When you see the inverse (R&D increasing faster than S&M), it shows a product-led culture and a longer term horizon.
Pretty alarming decline. I think they understand their "data" moat is under threat (contact data is a commodity now as you indicated) and they are extracting as much value as they can before the inevitable.
Exactly. Whenever you see a company's S&M and G&A increase at the expense of R&D it tells you they have a sales-led culture and a short term horizon. When you see the inverse (R&D increasing faster than S&M), it shows a product-led culture and a longer term horizon.