Amplitude, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable growth in revenue and improvements in profitability metrics compared to the previous fiscal period. The company generated total revenue of $75.2 million for the third quarter, a 6% increase from $70.6 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $221.1 million, up 8% from $204.9 million year-over-year. This growth was primarily driven by a 41% increase in the number of paying customers, which rose to 3,486 from 2,471 in the prior year.
Gross profit for the third quarter was $56.5 million, compared to $53.3 million in the same quarter of 2023, while gross profit for the nine-month period increased to $164.0 million from $151.2 million. Despite these gains, the company reported a net loss of $16.9 million for the third quarter, slightly improved from a loss of $17.7 million in the same period last year. For the nine months, the net loss was $61.7 million, down from $71.8 million in 2023.
Total current assets as of September 30, 2024, were $388.1 million, an increase from $380.0 million at the end of 2023, with cash and cash equivalents rising to $317.4 million from $248.5 million. However, the accumulated deficit increased to $425.3 million from $363.5 million at the end of 2023.
In terms of strategic developments, Amplitude announced the acquisition of Foobar, Inc. on October 15, 2024, for $23.9 million, which includes cash and equity considerations. This acquisition aims to enhance Amplitude's digital analytics platform by integrating AI-powered user assistance technology. The company also implemented a restructuring plan in April 2023, reducing its workforce by approximately 13% to improve operational efficiencies amid challenging macroeconomic conditions.
The company continues to focus on expanding its customer base and enhancing its product offerings, with plans for ongoing investments in research and development, sales, and marketing. Despite facing challenges such as customer churn and a decrease in the Dollar-Based Net Retention Rate, which fell to 97% from 105% year-over-year, Amplitude remains committed to its long-term growth strategy.
About Amplitude, Inc.
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