Q2 2024 Jfrog Ltd Earnings Call Transcript
Key Points
- JFrog Ltd (FROG) reported total revenue of $103 million for Q2 2024, marking a 22% year-over-year increase.
- Cloud revenue grew by 42% year-over-year, reaching $39.3 million.
- The company added 115 net new logos to the greater than $100,000 ARR category in Q2, increasing the total to 928.
- Gross margin improved to 84.4% from 83.6% in the previous year.
- The acquisition of Qwak AI positions JFrog Ltd (FROG) as the first company to offer a comprehensive end-to-end DevOps and MLOps solution.
- High TCV deal cycles are taking longer than anticipated due to budget constraints.
- The company anticipates slower growth in customer expansion due to a strict budget environment and longer sales cycles.
- Cloud revenue growth guidance for the full year 2024 has been revised down to around 40%, from an earlier expectation of mid-40s.
- The company expects lower anticipated cloud revenue growth and changes in customer purchasing habits.
- Material revenue from JFrog advanced security and curation is now expected to be achieved in 2025, rather than in the second half of 2024.
Ladies and gentlemen, thank you for joining us, and welcome to JFrog second quarter 2024 financial results conference call. I'll now hand the conference over to Jeff Schreiner, VP, Investor Relations. Jeffrey, please go ahead.
Good afternoon, and thank you for joining us as we review JFrog's second quarter 2024 financial results, which were announced following market close to date via press release. Leading the call today will be JFrog's, CEO and Co-Founder, Shlomi Ben Heim, and Ed Grabscheid, JFrog's, CFO.
During this call, we may make statements related to our business that are forward-looking under Federal Securities laws and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to our future financial performance and including our outlook for Q3 and the full year of 2024. The words anticipate, believe, continue, estimate, expect, intend, will and similar expressions are intended to identify forward-looking
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