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Amplitude’s revenue up 9% year-over-year

The company announces an annual recurring revenue of $285 million and a first quarter revenue of $72.6 million

Amplitude, Inc. (Nasdaq: AMPL), a leading digital analytics platform, today announced financial results for its first quarter, which ended March 31, 2024. Highlights of the results include:
• Annual Recurring Revenue was $285 million, an increase of 9% year over year and an increase of $4 million compared to the fourth quarter of 2023.
• Number of paying customers grew 37% year over year to 2,970.
• Cash Flow from Operations was $(0.05) million, a $5.0 million increase year over year.
• Free Cash Flow was $(1.1) million, a $4.7 million increase year over year.

The proliferation of digital products drives Amplitude’s market opportunity

The rise of digital products has led to the beginning of a generational shift in how people understand and use customer and product data. The digital experience is one of the most important channels that all businesses can control. Today, actions speak louder than words, and what people do with your product is more important and accurate than what they tell you.

The convergence of product, marketing, and digital experience budgets has created a multibillion dollar market opportunity. Everyone wants to understand their customers better. Amplitude tells you exactly what your customers do, and how they behave across the entire customer journey. The company saw a 37% increase in customers, and the number of customers representing $100,000 or more of ARR in Q1 grew by 6% year over year.

“We’re still at the beginning of a generational shift in how businesses use customer and product data,” said Spenser Skates, CEO and co-founder of Amplitude. “Digital analytics is a multibillion-dollar opportunity, and we believe Amplitude is well-positioned to lead the market. Many of the largest and fastest-growing companies already view Amplitude as their first call.”

Amplitude fuels growth with product innovation and platform approach

Amplitude’s platform approach is working, with 19% of annual contracted customers using multiple products from the company’s suite, up from 14% last year. Launched in the first quarter of 2024, Session Replay, which helps customers reconstruct a user visit by capturing how they interacted with an app or website, is gaining momentum with customers. The majority of Session Replay customer wins to-date are competitive displacements of an existing points solution, further supporting the value of one, unified digital analytics platform.

In the first quarter, Amplitude landed and grew with European customers including Decathlon and Ticketswap, as well as global brands like Whoop and Calendly.

About Amplitude

Amplitude is a leading digital analytics platform that helps companies unlock the power of their products. Almost 3,000 customers, including Atlassian, NBCUniversal, Under Armour, Shopify, and Jersey Mike’s, rely on Amplitude to gain self-service visibility into the entire customer journey. Amplitude guides companies every step of the way as they capture data they can trust, uncover clear insights about customer behaviour, and take faster action. When teams understand how people are using their products, they can deliver better product experiences that drive growth. Amplitude is the best-in-class analytics solution for product, data, and marketing teams, ranked #1 in multiple categories in G2’s Spring 2024 Report. Learn how to optimise your digital products and business at amplitude.com.