Shares of Clearwater Analytics Holdings, Inc. (CWAN) soared 17.56% on November 7th, 2024, driven by the company's impressive third-quarter 2024 financial results and an upbeat outlook for the full year.
Clearwater Analytics reported a 22.4% year-over-year increase in revenue to $115.8 million for the third quarter, surpassing analysts' expectations. The company's Annualized Recurring Revenue (ARR) also grew robustly, up 26.1% compared to the previous year, reaching $456.9 million.
Buoyed by the strong performance, Clearwater Analytics raised its full-year 2024 revenue guidance to $445.5 million, representing a 21% year-over-year growth rate. The company also increased its adjusted EBITDA guidance for the full year to $142.5 million, up 35% from the previous year.
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