The non-GAAP operating loss of $0.18 per share was narrower than the estimated loss of $0.27 as well as the prior-year quarter’s loss of $0.19 per share. Moreover, revenues of $50 million came slightly above the expected $49.14 million. Revenues were also 41% higher year-over-year.
Further, the number of customers increased 21% year-over-year to 3,911, and the average annual revenue per customer climbed 15% during the same period to $51,570 in Q3.
For the upcoming fourth quarter, Similarweb expects revenues to be in the range of $50.5 million and $50.9 million. For the full year of 2022, the company expects revenues between $192.4 million and $192.8 million, representing a 40% growth over 2021 at the midpoint.
Following the earnings results, shares of the company dipped more than 24% in Wednesday’s trading.
Is Similarweb a Good Investment?
Over the last three months, only two analysts have covered Similarweb. Both issued a Buy rating with an average price target of $17.
However, with a price-to-sales ratio of 3 times the trailing 12 months, SMWB stock looks inexpensive. Also, a beta of 0.68 means that the stock is less volatile than the market, which is important in times of high volatility.