The following is a summary of the VTEX (VTEX) Q1 2024 Earnings Call Transcript:
Financial Performance:
VTEX's Q1 GMV grew by 22% YoY, reaching $4.0 billion, while revenue grew by 25% YoY to a total of $52.6 million.
Non-GAAP subscription gross margin improved by 328 basis points YoY to 77.2%, with subscription revenue hitting $50.4 million, a 27% YoY increase.
Non-GAAP gross margin rose to 72.4%, marking a substantial improvement of 641 basis points compared to Q1 2023.
Business Progress:
VTEX is set to leverage growth in innovative commerce services like AI and marketplace features, and has started expanding its operations into Germany, in addition to its existing strong market presence in Brazil.
The company's successful inclusion of customers in Q1 2024 includes well-reputed brands like Keune Haircosmetics Manufacturing, Arado and KFC, amongst others.
Producing impressive customer success stories and earning industry recognition, VTEX has also announced exciting future products that leverage data and AI capabilities during its VTEX Day event.
Despite the challenging economic situation in Argentina, VTEX is confident in their continued growth in other regions, supported by their positive sales momentum and continuous development in AI.
More details: VTEX IR
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