Financial PerformanceBandwidth posted strong Q1/24 results ahead of both our and consensus expectations, with record quarterly revenue of $171M, up 24% YoY.
Growth DriversBandwidth will benefit from several growth drivers in 2024, including strong political messaging demand, increasing international traffic, a growing messaging business, improving gross margin, and an opportunity to grow with a large new cohort of customers.
GuidanceManagement guided 2Q24 revenue to ~$173 million (~19% YoY vs. Street estimate of ~14% YoY) and raised the midpoint of FY24 guide revenue by $15 million.