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Dec 31, 2023
JFrog Q4 2023 Earnings Report
JFrog's Q4 2023 earnings showcased strong performance with significant cloud revenue growth and increased customer adoption of the Enterprise+ subscription.
Key Takeaways
JFrog reported a 27% year-over-year increase in revenue for Q4 2023, reaching $97.3 million. Cloud revenue grew by 59% year-over-year, representing 37% of total revenue. The company saw a 95% increase in customers with ARR greater than $1 million, reaching 37.
Total revenue for Q4 2023 was $97.3 million, a 27% increase year-over-year.
Cloud revenue increased by 59% year-over-year and represented 37% of total revenue.
Customers with ARR greater than $1 million reached 37, up 95% year-over-year.
Non-GAAP diluted earnings per share was $0.19.
JFrog
JFrog
Forward Guidance
JFrog anticipates revenue between $98.0 million and $99.0 million, non-GAAP operating income between $12.5 million and $13.5 million, and non-GAAP net income per diluted share between $0.13 and $0.15 for the first quarter of 2024. For the full fiscal year 2024, the company expects revenue between $424.0 million and $428.0 million, non-GAAP operating income between $56.0 million and $58.0 million, and non-GAAP net income per diluted share between $0.58 and $0.60.
Positive Outlook
- Revenue between $98.0 million and $99.0 million for Q1 2024.
- Non-GAAP operating income between $12.5 million and $13.5 million for Q1 2024.
- Non-GAAP net income per diluted share between $0.13 and $0.15 for Q1 2024.
- Revenue between $424.0 million to $428.0 million for fiscal year 2024.
- Non-GAAP operating income between $56.0 million and $58.0 million for fiscal year 2024.
Challenges Ahead
- Uncertainty regarding reconciling items such as share-based compensation.
- Potential variability of reconciling items that may be incurred in the future.
- Impact of share-based compensation may be significant.
- General market conditions.
- Economic business conditions.