Amplitude Inc. today reported earnings and revenue beats in its second quarter thanks to solid customer growth for its behavior-tracking software services.
For the quarter ended June 30, Amplitude broke even, down from a profit of two cents a share in the second quarter of 2023, on revenue of $73.3 million, up 8% year-over-year. Both were modest beats, as analysts had been expecting an earnings per share loss of a penny on revenue of $72 million.
Amplitude ended the quarter with annual recurring revenue of $290 million, up 8% year-over-year and $5 million higher than the first quarter. The company had 3,224 customers as of the end of June, up an impressive 38% year-over-year, with the number of customers with annual recurring revenue of $100,000 or more increasing 10%, to 547.
Cash flow from operations in the quarter came in at $9.2 million, $11.2 million lower than the second quarter of 2023, while free cash flow was $6.8 million. Amplitude ended the quarter with $283.2 million in cash, cash equivalents and restricted cash on hand.
Highlights in the quarter included Amplitude launching a Snowflake-native offering that enables companies to use its product analytics directly within Snowflake without data leaving the platform. Additionally, Amplitude announced new and expanded integrations with Contentful GmbH, Hubspot Inc., WordPress, Movable Inc., Humanic AI Inc. and unitQ Inc., aimed at simplifying customer behavior analysis and enhance user experience development.
The company also introduced Data Mutability, a service that synchronizes data within a company’s data warehouse and Data Access Controls, another new service that securely manages visibility within Amplitude.
“Today, companies win or lose based on their digital experience,” co-founder and Chief Executive Spenser Skates, said in the company’s earnings release. “Understanding your customers is the key to building better experiences and that’s why companies across almost every industry rely on Amplitude.”
Amplitude expects to see adjusted earnings between breakeven and a penny a share on revenue of $73.5 million to $74.5 million in its fiscal third quarter and earnings per share of five to eight cents on revenue of $294.5 million to $296.5 million. Both revenue outlooks were roughly in line at the midpoint with what analysts had been expecting.