Amplitude, a digital analytics platform, has released its financial results for the second quarter of 2024, concluding on 30 June. The company's annual recurring revenue (ARR) for this period rose by 8% year over year, reaching USD $290 million. The second-quarter revenue also saw an 8% increase, amounting to USD $73.3 million.
The company's CEO and co-founder, Spenser Skates, commented on the results, "Today, companies win or lose based on their digital experience. Understanding your customers is the key to building better experiences, and that's why companies across almost every industry rely on Amplitude. Our platform approach is differentiated, customers are finding value quickly, and we've never been better positioned to win in the long term."
In terms of the number of paying customers, Amplitude saw a 38% year-over-year growth, reaching 3,224 customers. The company highlighted that the number of customers generating USD $100,000 or more in annual recurring revenue grew to 547, representing a 10% increase year over year.
Amplitude also announced Andrew Casey as its new Chief Financial Officer, further strengthening its leadership team as it continues expanding its market reach.
Key financial metrics for the second quarter include a GAAP loss from operations of USD $27.2 million, an improvement compared to a loss of USD $30.9 million for the same period last year. However, non-GAAP income (loss) from operations recorded a deficit of USD $3.7 million, widening from a loss of USD $0.8 million year over year.
The GAAP net loss per share for this period was USD $0.19, an improvement from a loss of USD $0.24 per share in the second quarter of 2023. However, non-GAAP net income (loss) per share deteriorated slightly, recording USD $0.00 compared to USD $0.02 in the previous year.
Cash flow from operations amounted to USD $9.2 million, which is a decrease from USD $20.4 million the previous year. Free cash flow also declined, standing at USD $6.8 million compared to USD $19.3 million in the same period last year.
The company has launched several new features and updates to its Digital Analytics Platform. These include Data Mutability and Data Access Controls (DAC) designed to enhance data synchronisation and access management. Additionally, Amplitude has introduced a Snowflake native offering that allows integration between its analytics capabilities and Snowflake's data platform.
Amplitude has also expanded its integrations with various services such as Contentful, Hubspot, WordPress, Movable Ink, Humanic, and unitQ, aiming to provide companies with better tools to understand customer behaviour and improve user experiences.
For the third quarter of 2024, the company forecasts revenue between USD $73.5 million and USD $74.5 million. For the full year 2024, the expected revenue is projected to be between USD $294.5 million and USD $296.5 million. Non-GAAP operating income (loss) for the third quarter is anticipated to range from USD $2.2 million to USD $1.2 million in losses, while the full year is expected to range from USD $5.0 million to USD $2.0 million in losses.
Amplitude may face challenges ahead due to new sanctions issued by the United States Department of the Treasury related to Russia. These sanctions are expected to affect the company's ability to collect receivables from certain customers after September 2024.
