SAN FRANCISCO - Amplitude, Inc. (NASDAQ:AMPL), a leading digital analytics platform, today reported its financial results for the fourth quarter, which concluded on December 31, 2023. The company posted an adjusted earnings per share (EPS) of $0.04 for the quarter, surpassing the analyst consensus estimate by $0.01. However, Amplitude's revenue slightly missed expectations, coming in at $71.4 million against the projected $71.51 million.
Despite the earnings beat, Amplitude's stock fell by 10% due to the company's softer-than-expected guidance for the upcoming quarter and fiscal year. For the first quarter of 2024, Amplitude forecasts an adjusted EPS range between ($0.01) and $0, which falls below the consensus estimate of $0.02. The company also anticipates Q1 2024 revenue to be between $72.1 million and $72.7 million, which is above the consensus estimate of $71.34 million.
Looking further ahead, Amplitude provided its full-year 2024 guidance with an adjusted EPS forecast of $0.06 to $0.08, notably lower than the analyst consensus of $0.12. Revenue expectations for the fiscal year are set at $291.5 million to $294.5 million, again below the consensus estimate of $297.3 million.
The fourth quarter showed a year-over-year (YoY) revenue increase of 9%, with an annual recurring revenue of $281 million, marking a 10% rise YoY. The fiscal year 2023 saw revenue growth of 16% YoY, reaching $276.3 million. Amplitude's CEO and co-founder, Spenser Skates, commented on the company's performance, stating, "Amplitude closed 2023 strong.
It was our biggest year ever for product innovation, and we ended Q4 with a record number of new enterprise logo wins." He also emphasized the company's strategic approach with its Digital Analytics Platform and product analytics at its core.
The company's financial health was further evidenced by its cash flow from operations, which amounted to $2.3 million for the quarter, a $6.9 million increase YoY. Free cash flow also improved, registering at $1.5 million, a $7.4 million increase YoY.
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