Shares of Clearwater Analytics Holdings, Inc. (CWAN) surged 5.88% in pre-market trading on November 7, 2024, following the release of 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, exceeding analysts' expectations. The company's Annualized Recurring Revenue (ARR) also grew by a robust 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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.