Similarweb raises FY24 revenue view to $249M-$250M from $246M-$248M

Consensus $247.4M. “New customer acquisition and improving retention rates supported the acceleration in revenue growth in the quarter,” stated Jason Schwartz, Chief Financial Officer of Similarweb (SMWB). “The overall NRR increased to 101% and to 111% for customers with more than $100K of ARR following a series of internal initiatives and the growing appreciation of the value of our unique digital data.” He further noted, “We achieved a fourth consecutive quarter of positive free cash flow due to our continued focus on disciplined execution. Following these results, which exceeded our expectations, we are raising our revenue outlook for the full year 2024.” Schwartz emphasized the company’s progress, saying, “We continue to make significant strides towards our long-term profit and free cash flow targets.”