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MicroStrategy 2019 is a modern analytics open architecture enterprise platform that for the first time brings together Federated Analytics, Transformational Mobility and HyperIntelligence capabilities in a single offering. We believe MicroStrategy 2019 provides the most powerful and flexible analytics platform in the market since it allows customers to leverage existing BI desktop tools while utilizing our enterprise grade platform.

MicroStrategy 2019 was a key area of focus at our MicroStrategy World conference, which we held in February in Phoenix. MicroStrategy World 2019 was a big success with more than 2,600 attendees, an increase of 10% from last year. Early customer feedback from MicroStrategy 2019 has been positive. We are already seeing upgrade and new customer wins for the platform. To date, nearly 200 customers have upgraded to MicroStrategy 2019.

In particular, HyperIntelligence is generating significant interest. We had dozens of closed deals in Q1 that included the sale of our HyperIntelligence product, which is the fastest adoption of a new product we have seen in years. The market is looking for a platform that can leverage the incredible growth of data in a way that empowers any employee to make a faster, zero click, smarter decisions that will improve business performance.

Other key areas of focus for us include delivering on our enterprise support strategy. A key part of our growth strategy is to have a disciplined approach to customer support that includes proactive outreach. This has two benefits. It provides even greater value for customers' product support spend and it also provides us an opportunity to educate customers on the new solutions available on MicroStrategy 2019. We're seeing good returns on this investment, including increased upgrade and upsell activity, increased customer satisfaction and improved internal coordination across technical support, consulting, sales and technology.

Second is the move to the cloud. Growing customer interest and comfort in leveraging public cloud platforms like AWS or Azure is opening up new growth opportunities for MicroStrategy. We believe our enterprise grade flexible open architecture can provide significant value for our customers. This includes our hosted cloud as well as our Bring Your Own License solutions where customers use MicroStrategy's cloud solutions to deploy in their own cloud instance. In 2018, Bring Your Own License solutions accounted for about 10% of our product license revenue.

Before I review our financial performance in detail, I'd like to provide some high level takeaways for investors. One, 13% constant currency growth in product licenses revenues year-over-year in Q1 2019. We believe this increase reflects momentum in our business and the positive impact of the investments we've made in the business in 2018. This marks year-over-year growth in product licenses revenue three out of our last four quarters.

Two, 0% constant currency change in product support revenues year-over-year in Q1 2019. Q1 2018 marked a strong quarter for product support revenue, given runoffs from previous periods. We continue to see industry leading renewal rates and do not believe the flat constant currency product support revenues in Q1 2019 is indicative of the future performance of this revenue component.

Three, leveraging our operating cost structure and the investments we've made in 2018 is an important goal for the Company. In Q1 2019, we had the lowest year-over-year growth in operating expense in eight quarters. Managing costs throughout the Company will be an area of increasing focus throughout 2019.

And four, we continue to target constant currency revenue growth for the business for the full year 2019. In addition, we seek to decrease operating expenses and expand year-over-year margin. We remain on track to deliver each of these goals with the exception of other services revenue growth, which is less significant as it has lower margins and is less strategic.

Turning to our financial results in more detail. Total product licenses revenue were $18.3 million in Q1 2019, a $1.0 million or 6% increase year-over-year. Foreign currency effects negatively impacted product licenses revenue by $1.3 million or 7%. Product support revenues were $71.5 million in Q1 2019, a 4% decrease year-over-year with foreign currency effects negatively impacting such revenue by $2.7 million or 4%.

Overall, we continue to see strong customer renewal rates, which reflect the value customers generate from MicroStrategy products. We have a broadly diversified customer base by vertical. And overall, retail, technology and financial services are sectors where we are seeing positive demand trends in the aggregate.

Deferred revenue at March 31st, 2019 was $194.6 million. This is a $12.8 million year-over-year decrease, primarily driven by lower deferred product support revenues. The decline reflects the negative impact of foreign exchange and the impact of the move to the Force.com quoting system, which has delayed certain product support contract renewals. The headwind from the new billing system decreased notably in the first quarter. We expect to have this issue resolved by the end of Q2.

Other services revenues were $18.5 million in Q1 2019, a 22% decrease year-over-year with foreign currency effects negatively impacting such revenue by $0.8 million or 4%. As Q2 2018 marked a larger quarter-over-quarter decline in other services revenue, we do not expect this large level of year-over-year decrease in Q2 2019.

Turning to costs, we've transitioned from a period of significant investment to a focus on leveraging those investments to generate revenue growth and driving efficiencies across the organization. This is evident in our total operating expenses of $99.6 million, which grew only 3% year-over-year. While we continue to invest in our R&D efforts, we expect to see sales and marketing and G&A expenses flat and/or decrease as a percentage of revenue in the balance of 2019.

Looking at expenses by line item, Q1 2019 total cost of revenues was $26.2 million, a $1.0 million or 4% increase year-over-year. This increase is the result of increased staffing levels, which reflect our enterprise support efforts. Our enterprise support program aims to provide more proactive product support offerings in other services to our customers and, in Q1, included services to prepare customers for an upgrade to MicroStrategy 2019. As mentioned earlier, these services will continue to be a focus area in 2019. More information on our enterprise support program is available under the Services section of our website.

Sales and marketing expenses declined $2.6 million or 5% year-over-year. These decreases represent a focus on sales productivity, as well as higher-impact and higher-ROI marketing activities. Research and development expenses increased $4.7 million or 20% year-over-year. Investing in the platform, particularly on the capabilities inside MicroStrategy 2019, are a key priority. We added net over 100 employees to the R&D team in the past 12 months, providing us with the deepest and most talented team we've ever had. General and administrative expenses increased minimally at $0.4 million or 2% year-over-year.

Our operating loss for Q1 2019 was $10.4 million, compared with operating income of $0.7 million in the prior year period. We had a net loss of $7.9 million in Q1 2019 and diluted loss per share of $0.77. We had net interest income of $2.6 million and other expenses of $0.6 million, which primarily consisted of foreign exchange losses and a benefit from income taxes of $0.5 million.

During the quarter, we repurchased 362,148 shares of the Company's common stock for an aggregate purchase price of approximately $48 million. These repurchases were in addition to the approximately $111 million of common stock repurchase last quarter. We believe buybacks can be a useful way to opportunistically generate value for shareholders. However, it's just one component as we evaluate our broader long-term capital allocation strategy.

Before I turn the call back to Michael Saylor, I want to finish by reiterating that our product licenses revenues growth in the quarter was a promising sign. We're optimistic that we'll continue to see positive growth in product license revenues throughout the year as we benefit from the investments we have made in our sales and marketing functions and the introduction of MicroStrategy 2019.

Now, I'd like to turn it back to Michael Saylor.

Michael J. Saylor -- Chairman, President and Chief Executive Officer

Thank you, Phong. We just came off of MicroStrategy World 2019. That was the most successful MicroStrategy World we've had in the long time. Our headcount -- or our attendees was up dramatically over 2018. I think we had about 250 more attendees in 2019 than 2018. I had a chance to meet with lots of customers and lots of our partners and get their feedback directly on the 2019 product launch. I also just finished a wide round of meetings with customers and all of our employees around the world, and I've been gathering their feedback on our product and the market in general, and I can say that going into 2019, I've never been happier and more comfortable with our technology portfolio.

MicroStrategy 2019 is really the strongest analytics platform we've ever put in the market. We're getting really good response to the architectural approach. Everybody likes the open architecture and the ability to support all different types of tools. We're delivering connectors for Tableau, for Power BI, for Microsoft Office, for data science tools, or in Jupyter and Python, and for the new set of REST APIs. And that's generated enormous excitement. I think likewise, being completely open on the back end to all sorts of data technologies is generating a lot of excitement. And what's really special about 2019, and I'm getting this feedback from customers and prospects, is MicroStrategy's cloud platform has turned the corner and has achieved a new degree of commercial appeal because for the first year and for the first time, we're now able to offer an integrated cloud platform that you can instantiate in an AWS environment or in an Azure environment. And the fact that customers can spin up MicroStrategy cloud in Amazon or the Microsoft cloud is an extraordinarily exciting development for them.

I think we're moving into a new era. And over the next five years, I think we're going to see a cloud commercialization wave take place that will be much more intense in our industry than in the last five years. Some customers were holding up on their adoption of cloud technology because they didn't want a single source. Others were waiting for the bugs to be worked out. Some of them wanted to do business with Microsoft. Some want an alternative before they do business with an Amazon or a Microsoft. And of course, the overall public clouds are just getting better and cheaper. So MicroStrategy's cloud platform in 2019 is becoming a very strategic element of our portfolio.

I have had a chance to spend a lot of time with our sales teams and I've asked them what's resonating. And what I hear routinely is, people are very enthusiastic about charting their cloud strategy. And I believe the cloud is like the Y2K of this decade. Just about every firm is thinking about how they're going to migrate to or evolve to a new public cloud platform. And so MicroStrategy being able to offer that package of services and also technology positions us well.

I think the second theme we hear a lot is that just about everywhere, customers are very enthusiastically embracing our HyperIntelligence offering. In this regard, we're really differentiated from the competition. There is a traditional set of enterprise BI companies that have offered reporting or dashboards and most of them have lost their intensity and focus on the marketplace, and those techniques or technologies are being run in a legacy configuration. Then there is a set of business intelligence vendors, probably Tableau and Power BI would be the most well-known, that are well-known for ad hoc dashboard applications and desktop analytics and the like, and to a certain extent, offering you the ability to deploy those dashboards in different devices. What we've seen is that nobody in the analytics space has pursued the promise of HyperIntelligence in the way that we have. And so we're a pioneer with regard to HyperIntelligence, but we also have a nice lead, and luckily for us, this is resonating with the customers.

Our customers are pretty enthusiastic about this. We've actually completed 57 pilot engagements with HyperIntelligence, and we're currently engaged in 169 different projects that include some kind of hyper (ph) pilot. HyperIntelligence as a product class is probably the most successful new development we've had in a long time. We closed 30 deals that included HyperIntelligence in the first quarter, and we currently have 549 different opportunities around the world to sell HyperIntelligence. And so, this is something that's been enthusiastically embraced by the partners, by the customers and also by our own sales teams, and it's a big shot in the arm for the business.

One of the exciting things about the cloud platform and MicroStrategy's HyperIntelligence offering is that both of them represent an order of magnitude increase in elasticity and utility and velocity over the traditional alternative. You can spin up an environment in the cloud in a matter of hours that would have taken months before, and you can deploy solutions in HyperCard format and as HyperIntelligence in a matter of hours that could have taken months, and users can get the answer that they need in seconds instead of minutes or hours or days. And so that means that MicroStrategy cloud platform plus HyperIntelligence is an ideal combination to offer as a solution platform for line of business executives like the head of marketing or the head of sales or the head of HR.

And we're seeing much to our excitement and enthusiasm that we've got lot of customers that are developing new ideas to reach out to groups of users that traditionally were not users of business intelligence. So for example, if I have information on a financial security, I could now create a HyperCard that would give equity analytics or debt analytics and I can tie it a CUSIP or a security code and I can offer it to people broadly throughout my enterprise or even down my supply chain, to my customers and other financial entities. And when I'm doing that, I'm actually branding my application with my brand and I'm passing my analytics through with zero click to a customer so that they will use that as a launchpad back into my systems. So that's an idea that makes sense if you're head of marketing or the head of sales or if you're running a business unit and you want to find a way to reach your customer using intelligence. It's 100 times easier than to build a custom dashboard application and ask them to click on it and run it or become familiar with it.

So HyperIntelligence opens up a set of opportunities with new executives, with new budgets and new use cases, and that in itself is great. The fact that you can then implement those applications much, much faster is also great. And those two things are fueling enthusiasm for the MicroStrategy 2019 platform.

Now, the other two aspects of the platform, that is Federated Analytics and Transformational Mobility, are also being enthusiastically embraced by our customers. All of those new connectors we've been delivering are starting to play prominently in our sales cycles. And in some cases, they provide us with opportunity to upsell additional features to our customer base. In other cases, they provide a real benefit to an IT organization that's struggling with how do they balance the demand for Excel versus Power BI versus Tableau versus MicroStrategy all at the same time and curate a single version of the truth.

So everything that we had hoped the platform would provide it is providing, and our customers have endorsed these things pretty enthusiastically. So I look forward to the next 12 months and how all of these opportunities are going to play out.

Our enterprise support program does continue on. We have done about 169 upgrade advisories since we started, and so that means 169 different projects. And we did 100 of these projects just in the fourth -- in the first quarter. Our target is to do about 500 upgrade advisories in 2019. And so this will represent a year when we've had the most proactive strategic outreach to our customer base. And that kind of investment, we believe, is going to yield dividends because as we upgrade our customers to our new platform, that means that we are in a position to sell them cloud, Federated, Mobility and HyperIntelligence functionality, not to mention the fact that it makes them much more loyal and generates goodwill and also improves our relationship. And we think that this proactive enterprise support program is going to help us as we grow our services business as well as our software business.

I think that as we look forward to the coming year, we'll continue to focus on these primary themes. We will bear down and focus upon execution with regard to good account planning, developing good service plans for our customers, good sales plans, good marketing plans. We're going to continue to refine the 2019 platform, improving the fit and the finish of each of the various Federated Analytics connectors, improving the performance of the core platform, continue to strengthen and integrate our tool sets and to introduce new types of HyperIntelligence connectors so that people can embed HyperCards into just about any native interface they might want to. And as we do that, I think we'll see opportunities present themselves.

So with that, I want to go ahead and open up the call for any questions from the audience.

Questions and Answers:

Operator

Thank you. (Operator Instructions)

And our first question comes from the line of Tyler Radke with Citi. Your line is now open.

Tyler Radke -- Citigroup -- Analyst

Hi, thank you. Maybe we could start with you, Michael. Just if you think about the 2019 product cycle and the ability for that to influence the pipeline and demand, just kind of where are we in that product cycle? What are -- what do you think kind of some of the timing looks like as it relates to closing some of the opportunities you have out there and how does that excitement around the product and what you're hearing from customers translate into improved license revenue performance?

Michael J. Saylor -- Chairman, President and Chief Executive Officer

I think that most of our customers think in terms of three-year plans. And I think over the next 12 to 24 months, we'll see a decent number of our enterprise customers upgrade to 2019. And as they upgrade, I think we'll see a number of different pilots and extension use cases evolve and each of those will serve as opportunities for us to increase our software and our services footprint within the accounts.

Tyler Radke -- Citigroup -- Analyst

Great. And then for you Phong, maybe just help us understand some of the moving pieces in the, I guess, unofficial guidance for 2019. It sounds like you're anticipating overall revenue to grow on a constant currency basis but you do have some near term headwinds from the Force.com billing system that's impacting your maintenance revenue, and it sounds like services will be declining year-over-year. So just kind of back-the-envelope math suggests that you're going to need a really strong license performance here in 2019. Could you just help us understand the moving pieces there?

Phong Le -- Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer

Yes, Tyler. I think overall, as we stated last quarter and we still feel reasonably confident this quarter that we have an objective of growing our overall revenue for the year. I think you're correct in pointing out some of the headwinds that we have in other services, although as you look to 2018, we had a fairly steep drop off from Q1 to Q2. And so some of those comp headwinds, if you will, start to dissipate as we look throughout the course of the rest of the year.

And on product support, we still feel that we have a strong maintenance renewal rate, which is our best leading indicator of our support revenues. The biggest headwind we had in product support (ph) is really currency and FX. As you know, the dollar has been strengthening over the course of the last year. But as it relates to support overall, we still feel pretty good about the trajectory of our business and our revenue. And as we mentioned, product license, we've seen three out of four quarters now of product license growth, and so that is a reasonable trend that we've been seeing for that line item.

Tyler Radke -- Citigroup -- Analyst

Great. And maybe one last one. Now the second quarter in a row doing buybacks, and I know in the past, you've talked about doing buybacks when you have more confidence in the business. Is there anything that was behind the decision to do buybacks again this quarter and how are you thinking about the use of cash going forward here in 2019?

Phong Le -- Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer

Yeah. As you know, Tyler, we have several factors that go into whether we decide to do a buyback. You're right, we've had the second quarter in a row now of returning value to our shareholders via buybacks. And as we look forward, right, our capital allocation strategy is multi-pronged, but return to shareholders continues to be sort of a primary use of our cash. And then, we generally have a fairly conservative strategy when it comes to cash in general.

Tyler Radke -- Citigroup -- Analyst

Okay, thank you.

Operator

Thank you. And our next question comes from the line of Hamed Khorsand with BWS Financial. Your line is now open.

Hamed Khorsand -- BWS Financial -- Analyst

Hi. So first off, I want to ask you was, could you talk about these product licenses within the US market declining by double-digits since last year and what's the headwind you're facing in this market?

Phong Le -- Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer

Yeah, Hamed, what I would say is, it's -- I would say it's a little bit the law of small numbers. And so I wouldn't look at any particular quarter when it comes to product license fluctuations. So if you take a number that falls into sort of the $18 million to $20 million range and then you split it by two between North America and International and you say $10 million roughly in North America, and we talk about some of our deals coming in at $1 million or $2 million. Ultimately, a slipped deal or a deal that comes in at the end of the quarter can fluctuate our international or domestic revenue by 10%, 20%.

And so we had an outstanding product license quarter for North America in Q4. We had a little bit of a drop off in Q1, but I wouldn't say that there is anything broadly that I would point to. In fact Q4 was one of our strongest North American product license quarters, when you look on a year-over-year basis, that we've had in, I believe, eight quarters. So a slight drop off in Q1 isn't necessarily a trend in the future quarters.

Hamed Khorsand -- BWS Financial -- Analyst

I'm just trying to understand if you have a new product coming on, and domestic market is like hesitant. Is there a reason why? Are they just slow in adopting and looking at using it?

Phong Le -- Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer

No. Actually, it I would say it's probably the contrary. I think if you look at demand, we tend to see that drive sort of closer to our core headquarters location first and then start to expand internationally. So I don't think the demand indicators, pipeline, et cetera would point to a weaker North American business.

Hamed Khorsand -- BWS Financial -- Analyst

And then as far as the customers that have upgraded during the quarter, are you seeing any expanded use within the workforce in the matter of seats? Or is that -- is it still too early in the adoption curve?

Phong Le -- Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer

I think it's early to tell as far as expansion, but the fact that our customers are upgrading at the pace we're seeing, I would say, indicates quite a bit of interest in MicroStrategy across the enterprise. And then as Michael talked about, the big opportunity for seat expansion in addition to just more users is really with HyperIntelligence. And the opportunity set that we have created in the first quarter indicates a lot of interest there and an expansion across the enterprise.

Hamed Khorsand -- BWS Financial -- Analyst

And lastly, your deferred revenue went up this quarter compared to fourth quarter. Is this primarily just related to these upgrades or is there something else moving these numbers up?

Phong Le -- Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer

Yeah, there's a few things in there, Hamed. The biggest driver of an increase in overall deferred revenue quarter-over-quarter is the fact that Q1 is our largest product support revenue quarter -- renewal quarter, sorry. And so when we see higher renewals just coming through in Q1 by volume, then that causes our deferred revenue to go up. And then the second big piece is, we had talked about some of the drop in deferred product support revenue in Q4 as a result of our -- introduction of our new quoting system. And so we're starting to catch up on that in Q1, and so we're seeing an increase from that. But the primary driver, if you look quarter over quarter, is seasonality.

Hamed Khorsand -- BWS Financial -- Analyst

Okay, thank you.

Operator

Thank you. And our next question comes from the line of Frank Sparacino. Your line -- with First Analysis. Your line is now open.

Frank Sparacino -- First Analysis Securities -- Analyst

Thank you. Hi, guys. Maybe just two questions from me. First is, with respect to the comments around cloud, it would seem obviously that as customers look to deploying the cloud, that may create a headwind from a license revenue standpoint. But Phong, maybe just from a contracting standpoint, how are the majority of those contracts being structured, I guess, in their long-term subscription? But any color there would be helpful.

Michael J. Saylor -- Chairman, President and Chief Executive Officer

Yeah, Frank, we have a MicroStrategy cloud platform and we license it to customers however they want to buy it. So if a customer wanted a 1,000 name user perpetual license to the MicroStrategy cloud platform so that they could run it in AWS, we would sell them a 1,000 name user perpetual license and it would be similar to selling a 1,000 name user perpetual license of the MicroStrategy enterprise platform running on Linux and their enterprise data center. If the customer said that they wanted a term license to a 1,000 name user license, then we would sell them a term license in the cloud, and it's more common to ask for a term license in the cloud than it is to ask for a term license for an on-premise deployment. But if a customer were to -- want to license MicroStrategy enterprise platform for Linux as a term license, we would do that too.

So the simple answer is, if the customer wants a term license, we sell it on them. If they want a perpetual license, we sell it to them. We don't require that the customer convert from a perpetual to a term license. And in my experience, they don't demand that they only buy a term license, although I would say, it feels like it's like half and half, like half the time I see people wanting a term license and half the time I see a perpetual license. It really just depends upon how they're running their other IT operations. And I think our goal is to be really easy to do business with. So I wouldn't forecast any major shifts in licensing practices other than the fact that this is an opportunity for us to go back and sell additional value to existing customers because the cloud platform is much more functional and much more elastic than the on-premise platform.

Phong Le -- Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer

Yeah. One other thing I'd point out, Frank, is as you look at our financials and you look at the subscription services line, that is primarily for what we call our hosted cloud platform, right, and so customers buying our cloud solution, deploying on AWS or Azure and we are providing cloud operations and cloud support and cloud hosting services, and that's what you see in that line. What's included in product license, which I had mentioned and Mike pointed out too, includes a customer who buys MicroStrategy licenses and deploy it in their own cloud, right, their own DPC, we refer to that as Bring Your Own License. And that's an area where we've seen a lot of increase in demand as we've improved our product in the last year or so, but that still shows up in product license revenue. And to Mike's point, that could be bought as term licenses or as perpetual licenses. The trend has been more toward perpetual licenses, is our observation.

Frank Sparacino -- First Analysis Securities -- Analyst

And maybe just one follow-up. As it relates to the cloud, it would seem MicroStrategy has been sort of lagging the peers and the overall industry in that transition to the cloud. And I don't know that's a fair statement, but either way, just any thoughts on -- I know you alluded, Mike, I think earlier some of the hesitancy by customers, but the commentary from the peers is a little bit different than yours.

Michael J. Saylor -- Chairman, President and Chief Executive Officer

Yeah, I think that we've got a slightly different approach to the cloud than some of our peers. There are some people that have created stripped-down platform offerings. So they actually have stripped down functionality and put memory constraints, so they put hardware constraints, user functionality constraints in the cloud offering in order to make it a simple, multi-tenant type environment. There are others that have focused upon a particular cloud environment. Our approach is to allow the customer to create any type of environment, deploying any kind of application with any amount of memory or CPU and in own -- in their own single-tenant environment and to make it possible to port it between AWS and Azure and back again. So there'll be some offerings that are limited to Azure, and that's going to be a pretty big liability if you want to arbitrage the two public cloud providers in order to get the best price. And there are other offerings that limit you in the degree or complexity of the application you might build like a Domo or something like that.

And our cloud platform is pretty much a single-tenant do-anything-you-want. If you wanted to deploy 16 production environments mirrored and 32 backup environments across eight continents for hundreds of thousands of users running 400 different applications on AWS, you could do that. Obviously, that would cost more money. If you found out that you were going to be paying Amazon $32 million a year in hardware expenses and you got an offer from Microsoft for $4 million a year and you wanted to save the money, you could actually back up that entire system and deploy on Microsoft, in some cases, without missing a step, also back the other way.

So we've focused upon creating an industrial strength enterprise cloud platform that's going to appeal to a very demanding customer, a government or a bank that wants to control their destiny and wants to do it the way they want to do it, and we've avoided putting guard rails or training wheels or any kind of other limitations on it. I think that means that it's a little bit harder. I think we've benefited as we rolled out the Azure version and we'll be working between now and the end of the year to continue to improve the Azure version of our offerings, so it's completely at parity with the AWS version. But that's a different offering than what some other people are doing.

And in my experience, I don't think we're late to the market. I think that we're just moving at the appropriate rate, doing things responsibly that these big enterprises want. I think that if we wanted to cut corners and define the cloud offering differently, then I think we probably could have delivered that in a different time frame, but it's not in our customers' best interest. So we'll just continue to focus upon executing our strategy. It's seems to be what the customers want. And to my mind, I don't -- when I'm talking to customers and talking to the marketplace, I'm not really hearing anybody saying that there's some other cloud analytics offering which is dramatically more functional than us in some way. That's not what I hear. I think everybody in the market is offering their own solution, which appeals to some set of their customers or prospects. But it's still an early stage in this marketplace and there's lot of room for competitive differentiation between all the different solutions.

Frank Sparacino -- First Analysis Securities -- Analyst

Thank you. Very helpful.

Operator

Thank you. (Operator Instructions)

And I'm not showing any further questions at this time. So I'd now like to turn the call back to Mr. Michael Saylor, Chairman, President and CEO for any further remarks.

Michael J. Saylor -- Chairman, President and Chief Executive Officer

I want to thank everybody for being with us today. We appreciate your support, and we look forward to speaking with you again in 12 weeks. All the best.

Operator

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. And everyone have a great day.

Duration: 43 minutes

Call participants:

Michael J. Saylor -- Chairman, President and Chief Executive Officer

Phong Le -- Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer

Tyler Radke -- Citigroup -- Analyst

Hamed Khorsand -- BWS Financial -- Analyst

Frank Sparacino -- First Analysis Securities -- Analyst

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