Similarweb Shares Gain on Higher Outlook, 2Q Revenue

Dow Jones08-12

Shares of Similarweb climbed as the company once again raised its outlook, after it narrowed its loss and reported higher revenue in the second quarter.

The stock rose 18%, to $8.58, in premarket trading Wednesday. Through Tuesday's close, shares have edged 2% higher year to date.

The data and analytics company before the bell posted a loss of $3.59 million, or 4 cents a share, compared with a loss of $11.8 million, or 14 cents a share, a year earlier.

Stripping out one-time items, quarterly earnings came in at 6 cents a share. Analysts polled by FactSet expected adjusted earnings of 3 cents a share.

Revenue rose 8.8% to $77.2 million, ahead of Wall Street models for $75.6 million.

"Commercial demand for our AI-related data and solutions is strong, and an expanding pipeline of opportunities gives us confidence to raise our guidance for the second time this year," Chief Executive Or Offer said.

Similarweb now expects revenue of $314 million to $318 million for the year, up from a prior outlook of $307 million to $315 million. Analysts are looking for $310.6 million.

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