Rapid Revenue Growth for Similarweb

In Tel Aviv, market intelligence company Similarweb has announced financial results for its second quarter ended June 30th, with total revenue up 17% to $71m. However it also reported a net loss of $11.8m, up from a loss of just $0.7m a year earlier.

Similarweb's proprietary software helps clients understand online behavior, including the behavior of visitors to sites similar to their own. Last year it acquired Chilean ad intelligence specialist Admetricks and Swiss app intelligence provider 42matters, and early this summer it made a deal with Bloomberg, to whom it now feeds data as part of the veteran financial services tech company's alternative data offering.

Similarweb co-founder and CEO Or Offer (pictured) says of the results, 'We are proud of the strong second quarter financial results that were better than expected and reflect the demand for our Digital Data and our continued focus on disciplined execution. Gen AI and LLM training related revenues accounted for nearly 8% of Q2 revenues and are one of our fastest growing revenue streams. RPO growth of 26% and our sales pipeline provide us with confidence in the vast potential of our data and the addressable markets we serve.'

For the full year, the company is predicting revenues of between $285.0m and $288.0m, equivalent to around 15% growth year over year at the mid-point of the range.

The firm is online at www.similarweb.com .

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