Similarweb reports quarter 2024 results, highlighting growth and profitability
The company reported sustained momentum in both top and bottom-line performance, demonstrating healthy financial growth.
Similarweb this week reported its financial results for the first quarter ended March 31, 2024. The company reported sustained momentum in both top and bottom-line performance, demonstrating healthy financial growth.
Revenue Growth: Similarweb achieved 12% year-over-year revenue growth, reaching $59.0 million in Q1 2024.
Profitability: The company delivered its third consecutive quarter of non-GAAP operating profit, reaching $2.8 million, and its second consecutive quarter of positive free cash flow, generating $9.7 million.
Customer Acquisition: Similarweb saw a 16% increase in its customer base, reaching 4,844 by the end of Q1 2024.
Customer Retention: The company's dollar-based net retention rate remained strong at 98%, indicating existing customers are increasing their spending with Similarweb.
Strategic Investment: Similarweb acquired Admetricks, a digital ad intelligence provider, to further enhance its data and solution offerings.
Similarweb's financial results suggest a growing demand for digital data and analytics solutions in the marketing industry. Marketers are increasingly relying on data to understand online customer behavior, optimize campaign performance, and make informed decisions. Similarweb's continued growth reflects this trend and positions the company as a key player in the digital marketing analytics space.
Similarweb maintained its revenue outlook and improved its non-GAAP operating profit outlook for the full year 2024. The company remains focused on achieving positive free cash flow and profitability while investing in its technology and expanding its product offerings. This focus on sustainable growth positions Similarweb for continued success in the competitive marketing analytics landscape.
Similarweb's first-quarter results demonstrate a company with strong financial performance and a clear focus on growth. The company's commitment to data-driven solutions positions it well to capitalize on the increasing demand for marketing analytics in today's digital landscape.