Similarweb reports Q3 EPS 5c, consensus 5c

Reports Q3 revenue $64.7M, consensus $62.8M. Reports Q3: Grew number of customers to 5,308 as of September 30, 2024, an increase of 21% compared to September 30, 2023. Grew number of customers with ARR of $100,000 or more to 395, an increase of 11% compared to September 30, 2023. Customers with ARR of $100,000 or more contributed 60% of the total ARR as of September 30, 2024, increased from 55% as of September 30, 2023. Dollar-based net retention rate, or NRR, for customers with ARR of $100,000 or more was 111% in the third quarter of 2024, increased from 108% in the third quarter of 2023. Overall NRR was 101% in the third quarter of 2024, increased from 99% in the third quarter of 2023. 45% of our overall ARR is contracted under multi-year subscriptions as of September 30, 2024, increased from 43% as of September 30, 2023. Remaining performance obligations, or RPO, increased 27% year-over-year, to $212.5 million as of September 30, 2024, as compared to $167.7 million as of September 30, 2023. “Revenue growth in the third quarter accelerated to 18% YoY, the fourth consecutive quarter of accelerating growth, driven by the growing demand for our high quality digital data for a broad range of applications including AI and Large Language Model training,” stated Or Offer, Co-Founder and CEO of Similarweb (SMWB). “We increased our customer base by 21% YoY to more than 5,300 annual customers and Remaining performance obligations increased by 27% YoY, faster than customer growth. Our focus on disciplined execution has resulted in another quarter of profitability and cash generation.” Offer concluded, “We are just beginning to tap into the vast potential of our data and the addressable markets we serve.”