Accelerating Growth for Similarweb

Tel Aviv-based digital market intelligence company Similarweb has reported 'accelerating' revenue growth - the figure of $60.6m was up 13% versus a year previously - and says it expects growth to be still higher in the second half of the year.

Similarweb uses proprietary software to understand online behavior, analyse traffic and provide engagement statistics including the behavior of visitors to similar kinds of sites. So far this year the firm has acquired Chilean ad intelligence specialist Admetricks and Swiss app intelligence provider 42matters, and has appointed Nielsen veteran Susan Dunn as Chief Revenue Officer (CRO).

Second quarter operating loss as reported (GAAP) was $1.0m, much reduced from a loss of $9.8m a year previously, and the adjusted non-GAAP figures showed operating profit of $5.3m, versus a loss of $3.5m in Q2 2023. The company has grown its customer base by 17% in those 12 months, to 5,034 as of June 30th 2024.

Similarweb issued guidance for the full year, estimating total 2024 revenue between $246.0m and $248.0m; and non-GAAP operating profit between $13.0m and $15.0m. Revenue for 2023 was up 13% to $218.0m.

Co-founder and CEO Or Offer (pictured) said the firm had delivered another strong quarter, adding: 'We believe revenue growth will continue to accelerate in the second half of 2024 and have reflected this in our outlook... We are just beginning to tap into the vast potential of our data and the addressable markets we serve'.

Web site: www.similarweb.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.