Similarweb Raises Q3 Revenue To $62.5M-$63M Vs $61.64M Est.; FY24 Revenue $246M-$248M Vs $244.76M Est.
Portfolio Pulse from Benzinga Newsdesk
Similarweb has raised its Q3 revenue guidance to $62.5M-$63M, surpassing the previous estimate of $61.64M. The company also increased its FY24 revenue guidance to $246M-$248M, up from $244.76M. CFO Jason Schwartz highlighted strong customer acquisition and retention, along with a fourth consecutive quarter of operating profit and $16M in free cash flow for the first half of 2024.
August 06, 2024 | 9:46 pm
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Similarweb has raised its Q3 and FY24 revenue guidance, driven by strong customer acquisition and retention. The company reported a fourth consecutive quarter of operating profit and $16M in free cash flow for the first half of 2024.
The raised revenue guidance and strong operational performance indicate positive momentum for Similarweb. The company's ability to achieve a fourth consecutive quarter of operating profit and generate significant free cash flow suggests robust financial health, likely leading to a positive short-term impact on the stock price.
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