Similarweb Ends Year in Profit as Revenue Climbs 13%

Tel Aviv-based digital market intelligence company Similarweb has announced 2023 revenue up 13% to $218.0m, with adjusted operating loss slashed from $63.8m to just $4.8m, including a profit in the fourth quarter.

The company offers proprietary software for understanding online behavior, analysing traffic and providing engagement statistics including the behavior of visitors to similar kinds of sites. Its technology aggregates hundreds of sources and applies advanced machine learning to analyse them. Last summer it launched the 'SimilarAsk' AI assistant, which allows interrogation of its digital data using natural language queries.

Fourth quarter revenue of $56.8m was up 11% year-on-year and on an adjusted basis the company managed a profit of $4.7m for the period, which ended 31st December, having lost $10.9m in Q4 2022. In guidance for the coming year, the firm estimates total revenue between $242.0m and $246.0m, growth of c.12%, and adjusted (non-GAAP) operating profit of $6.0m to $8.0m.

Co-founder and CEO Or Offer (pictured) says of the results: 'We finished the year with 13% annual revenue growth, successfully navigated through a challenging demand environment, and in the fourth quarter we achieved positive free cash flow for the first time as a public company, which is a tremendous accomplishment for us as a team'.

Web site: www.similarweb.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.