Zuora reported a strong start to fiscal year 2024, with revenue exceeding guidance and significant progress towards profitability. Subscription revenue grew by 14% year-over-year (18% on a constant currency basis), and total revenue increased by 11% year-over-year (14% on a constant currency basis). The company also achieved its lowest churn rates in history.
Subscription revenue increased by 14% year-over-year, reaching $89.7 million.
Total revenue grew by 11% year-over-year, totaling $103.1 million.
GAAP loss from operations improved to $20.2 million, compared to $23.7 million in the first quarter of fiscal 2023.
Adjusted free cash flow increased to $13.0 million, compared to $3.7 million in the first quarter of fiscal 2023.
Zuora provided guidance for the second quarter and full fiscal year 2024, based on current market conditions and expectations.
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