Business
Braze Reports Fiscal Second Quarter 2024 Results
Second quarter revenue grew 33.6% year-over-year to $115.1 million Achieved dollar-based net retention of 120% for the trailing 12 months NEW YORK--(BUSINESS
About this update from Braze, Inc.
[{"type":"text","content":"\nSecond quarter revenue grew 33.6% year-over-year to $115.1 million\n\n\nAchieved dollar-based net retention of 120% for the trailing 12 months\n\n\n NEW YORK--(BUSINESS WIRE)--\nBraze (Nasdaq: BRZE) the leading comprehensive customer engagement platform that powers interactions between consumers and the brands they love, today announced results for its fiscal quarter ended July 31, 2023.\n\n\n“We delivered another strong quarter, demonstrating strong top-line growth and operating efficiency,” said Bill Magnuson, cofounder and CEO of Braze. “Ambitious brands around the world continue to advance and consolidate their technology ecosystem with Braze’s AI-infused, real-time Customer Engagement Platform. Alongside messaging with traditional channels like e-mail, SMS, mobile push notifications, and in-product communication, Braze customers are also taking advantage of newly supported messaging options like WhatsApp to power more effective cross-channel experiences, and relying on Braze's sophisticated data capabilities to enhance their investments in first party data. We are excited to continue developing leading solutions that position Braze to become the industry standard for customer engagement.”\n\n\nFiscal Second Quarter 2024 Financial Highlights\n\n\n\nRevenue was $115.1 million compared to $86.1 million in the second quarter of the fiscal year ended January 31, 2023, up 33.6% year-over year, driven primarily by new customers, upsells and renewals.\n\n\n\nSubscription revenue in the quarter was $109.7 million compared to $81.7 million in the second quarter of the fiscal year ended January 31, 2023, and professional services and other revenue was $5.4 million compared to $4.4 million in the second quarter of the fiscal year ended January 31, 2023.\n\n\n\nRemaining performance obligations as of July 31, 2023 was $523.5 million, of which $353.3 million is current, which we define as less than one year.\n\n\n\nGAAP Gross Margin was 69.2% compared to 68.2% in the second quarter of the fiscal year ended January 31, 2023.\n\n\n\nNon-GAAP Gross Margin was 70.0% compared to 69.3% in the second quarter of the fiscal year ended January 31, 2023.\n\n\n\nDollar-based net retention for all customers for the trailing 12 months ended July 31, 2023 and July 31, 2022 was 120% and 126%, respectively; dollar-based net retention for customers with...