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Jun 30, 2023
JFrog Q2 2023 Earnings Report
JFrog reported solid execution aligned with its plans, driven by the continuous adoption of DevOps and Security solutions.
Key Takeaways
JFrog's second-quarter revenue grew by 24% year-over-year, reaching $84.2 million. The company launched JFrog Curation to enhance its DevSecOps capabilities. Cloud revenue increased by 44% year-over-year, representing 33% of total revenue.
Total revenue reached $84.2 million, a 24% increase year-over-year.
Cloud revenue grew by 44% year-over-year, driven by higher customer usage.
JFrog Curation security tool was launched to prevent malicious packages from entering software supply chains.
A Forrester study found nearly 400% ROI with the JFrog Platform.
JFrog
JFrog
Forward Guidance
JFrog anticipates revenue between $87.0 million and $88.0 million and Non-GAAP operating income between $6.0 million and $7.0 million for Q3 2023. For fiscal year 2023, the company projects revenue between $343.5 million to $345.5 million and Non-GAAP operating income between $24.0 million and $25.0 million.
Positive Outlook
- Revenue between $87.0 million and $88.0 million
- Non-GAAP operating income between $6.0 million and $7.0 million
- Non-GAAP net income per diluted share between $0.08 and $0.09, assuming approximately 110 million weighted average diluted shares outstanding
- Revenue between $343.5 million to $345.5 million
- Non-GAAP operating income between $24.0 million and $25.0 million
Challenges Ahead
- Uncertainty regarding share-based compensation
- Uncertainty regarding the effect of reconciling items
- Uncertainty regarding the potential variability of reconciling items
- Uncertainty regarding the amortization of acquired intangibles
- Uncertainty regarding acquisition-related costs