The technology company JFrog Published yesterday after the end of trading on NASDAQ its initial financial statements as a public company. JFrog , Which provides a solution that allows for continuous content updates, was first issued in September at a price of $ 44 per share that reflected a value of about $ 3.9 billion, and since then its share has risen by 63% and its market value stands at about $ 6.4 billion.
10 analysts surveyed JFrog stock and their average bottom-line forecast for the third quarter was a net loss of 2 cents a share, but JFrog actually posted a net income (Non-GAAP) of 5 cents a share.
Revenue for the quarter was $ 38.9 million, higher than analysts’ forecasts and a figure that reflects a growth of 39.7% compared to the corresponding quarter. Revenue is divided into subscription revenue and license revenue. The subscriber segment grew by 42.5% to $ 35.7 million (with a gross profitability of 80.3%) and the licensing segment grew by 14.3% to $ 3.2 million (with a gross profitability of 93.3%).
According to GAAP, the company posted an operating loss of $ 5.4 million in the third quarter, higher than the $ 3.3 million operating loss in the same quarter last year, and the bottom line was a net loss of $ 5.3 million compared to $ 3.1 million in the same quarter last year. On a non-GAAP basis, excluding various accounting expenses, including the capital reward for the company’s employees, JFrog recorded a net profit of $ 5.3 million on the bottom line, an increase of almost 2 times over the corresponding quarter.
In the first three quarters of 2020, revenues totaled $ 108 million – a growth of 46.2%. Growth in subscription revenue was 48.6% to revenue of $ 99.2 million, and revenue growth from licenses was at a more moderate rate of 24.4%, to $ 9 million. The net loss from the beginning of the year reached $ 5.7 million compared to a loss of $ 5.2 million in the same period in 2019, and on a non-GAAP basis a net profit of $ 11.3 million was recorded, which is 11 cents per share. In the first three quarters, the company generated $ 16.6 million in cash flow from operating activities and $ 14 million in free cash flow, and at the end of the quarter it had $ 578 million in cash.
Looking ahead, JFrog expects high earnings and earnings from analysts’ forecasts for the fourth quarter. Revenue will reach $ 40.9-41.9 million and non-GAAP net income will amount to 0-2 cents per share, or about $ 0-2.1 million. The year 2020 will end with revenues of $ 149-150 million, and with a non-GAAP net income of 11-13 cents per share, ie about $ 12.1 million.
“In our first quarter as a public company, JFrog showed growth, high retention rates and strong momentum that reflects the critical need for our products for our customers,” said Shlomi Ben Haim, CEO and co-founder. “Our customers continue to embrace cloud-based solutions and hybrid solutions . “DevOps continues to change the software update environment, and we look forward to leading the market in the fourth quarter and into the future.”
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