The following is a summary of the Similarweb Ltd. (SMWB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Similarweb's Q1 2024 revenue grew by 12% year-over-year to $59 million.
Non-GAAP gross margin observed a slight increase to 81% in Q1 2024 compared to 80% in the same period of the previous year.
Despite reporting a GAAP operating loss of $2.7 million, the company marked a non-GAAP operating profit of $2.8 million.
The free cash flow amounted to $10 million, and the company reported approximately $55 million in cash and cash equivalents, free of any outstanding debt.
Similarweb forecasts total revenue in the range of $60 million to $60.5 million for Q2 2024.
The full year revenue for 2024 is anticipated to be between $242 million and $246 million, indicating a 12% annual growth.
Business Progress:
Similarweb recently acquired Admetricks to amplify their digital ad intelligence segment.
Their AI-powered sales assistant model, SAM, has been improving sales efficiency, as evidenced by the significant rise in response rates reported by early adopters.
The company is proud to welcome Susan Dunn, a former executive at NielsenIQ, to their team as the new Chief Revenue Officer.
There was a 16% annual increase in the customer base, leading to more than 4,800 customers at the end of Q1 2024.
As part of its future plan, Similarweb aims to extend and enhance their digital market data to launch an advanced digital advertising intelligence data in the market.
The company is dynamically broadening its platform by integrating more data signals that can potentially predict the company's performance and is planning to incorporate app data and technographic data in its platform, forecasted to show strong correlations with business trends.
More details: Similarweb IR
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