JFrog shares jump 35% after beating revenue expectations
Shlomi Ben Haim runs the Israeli-founded software company. Its total market value reached about $12.5 billion on Friday.
JFrog shares jumped 35% to about $101 on Friday, bringing the Israeli-founded software company's total market value to about $12.5 billion. The company reported third-quarter revenue of $179.2 million, up 31% From a year earlier and beating earlier expectations by about $14 million.
Cloud revenue rose 60% to $101.5 million. Chief executive Shlomi Ben Haim told investors that artificial intelligence is driving demand for its products, pointing to a $76 million multiyear agreement with a global telecom company. The company raised its full year revenue expectation to between $680 million and $682 million, up From its earlier expectation of up to $652 million.
Net income reached $6.6 million, compared with a loss of $16.4 million a year earlier. The number of customers paying more than $1 million a year rose to 112 From 71. Ben Haim addressed investor concerns about artificial intelligence labs building competing systems, saying that companies like Anthropic and OpenAI are JFrog customers and that what the labs build works alongside its platform.
Figures as reported by CTech.
