Strong Revenue Rise and Return to Profit for Similarweb

Market intelligence company Similarweb has announced results for the fourth quarter ended December 31st, and the full year. Total revenue for 2024 was up 15% to $249.9m, and after adjustments the firm returned to operating profit after a loss in 2023.

Similarweb's proprietary software helps clients understand online behavior, including the behavior of visitors to sites similar to their own. Last year it acquired Chilean ad intelligence specialist Admetricks and Swiss app intelligence provider 42matters, and appointed Nielsen veteran Susan Dunn as Chief Revenue Officer (CRO).

While on a GAAP basis the firm reported full year operating loss of $9.7m (reduced from -$28.8m a year earlier), adjusted / non-GAAP operating profit was $15.0m, compared with a loss of $4.8m in 2023. Fourth quarter revenue was $65.6m, up 16% on the year, while non-GAAP operating profit was $2.6m. During the year the company grew its customer base by 17% to 5,534 as of December 31st.

Co-founder and CEO Or Offer (pictured) says of the figures, 'Our focus on disciplined execution has resulted in our first full year of non-GAAP operating profit and free cash flow, demonstrating that we can successfully accelerate growth while generating profit. The AI revolution presents a significant opportunity for Similarweb as a leading global provider of digital data. In 2024, customers began to train LLMs with our data and we are engaging extensively with brands that are keen to leverage our unique data to understand the evolving digital world. To capitalize on the opportunity, we have decided to increase our investment in sales and R&D for 2025. We believe we are just beginning to tap into the vast potential of our data and the addressable markets we serve'.

For 2025 the firm is forecasting total revenue of between $285m and $288m, and non-GAAP operating profit of between $1.0m and $4.0m.

The firm is online at www.similarweb.com .

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