The following is a summary of the Amplitude, Inc. (AMPL) Q1 2024 Earnings Call Transcript:
Financial Performance:
Amplitude reported Q1 revenue of $72.6 million, marking a 9% YoY increase.
Annual Recurring Revenue witnessed an addition of $4 million from the last quarter, totaling to $285 million.
Company's gross margin rose to 76% in Q1.
Operating profit registered a loss of $2.1 million or 3% of revenue.
Approximately 3000 paid customers marked a 37% YoY growth.
Predicted revenues for Q2 range between $71.7 million and $72.3 million.
Full-year revenue estimates lie between $292.5 million and $295.5 million.
Business Progress:
The company is investing significantly in product innovation to offer a comprehensive digital analytics platform.
Efforts towards better alignment with enterprise business are ongoing with growth in accounts contributing $100,000 or more of ARR.
There have been new or expanding business relationships with Decathlon SE, Algolia, and WOOP.
Preparations for a technological disruption with an increase in end-user data access, especially in AI domain are underway.
An uptick in the adoption of non-analytics products has been noted.
A projected decrease in churn rates is expected in Q3 2024.
The company is adopting a strategy for increased accessibility across all customer levels to aid long-term growth.
More details: Amplitude IR
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