SAN FRANCISCO - Amplitude, a prominent digital analytics platform listed on NASDAQ:AMPL, announced today that Wade Chambers has been appointed as the company's first Chief Engineering Officer. Chambers, who brings over two decades of engineering leadership to the role, is set to direct Amplitude's Engineering organization and advance its product development initiatives.
Chambers' appointment comes on the heels of several strategic moves by Amplitude, including the introduction of a simplified platform experience known as Amplitude Made Easy, the debut of Snowflake (NYSE:SNOW) Native Amplitude, a partnership with HubSpot (NYSE:HUBS), and improved data governance features. In his new position, Chambers is expected to further enhance Amplitude's integrated platform offerings, which currently encompass Analytics, Session Replay, Customer Data Platform (CDP), and Experiment.
Amplitude CEO and co-founder Spenser Skates expressed his enthusiasm for Chambers joining the team, citing Chambers' long-standing advisory role since 2016 and his contributions to Skates' understanding of engineering and leadership.
Chambers' background includes tenure as the CTO and SVP of Engineering at Included Health and leadership roles at Twitter, TellApart, Proofpoint (NASDAQ:PFPT), Yahoo, Opsware, and Netscape. He has also advised cybersecurity firm Abnormal Security and data lakehouse company Starburst.
In a statement, Chambers emphasized the importance of data-driven insights and expressed excitement about dedicating his efforts to Amplitude's mission to transform how companies globally leverage data to understand customers, create products, and drive growth.
Amplitude serves over 3,200 customers, such as Atlassian (NASDAQ:TEAM), NBCUniversal, Under Armour (NYSE:UA), Shopify (NYSE:SHOP), and Jersey Mike's, providing them with tools to analyze customer behavior and optimize product experiences. The platform has been recognized as a leader in its field by G2's Summer 2024 Report.
This news is based on a recent press release statement from Amplitude.
In other recent news, Amplitude, Inc. reported its Q2 2024 financial results, revealing an 8% year-over-year growth with revenues reaching $73.3 million. The company's annual recurring revenue (ARR) also saw an increase of $5 million from the previous quarter, reaching $290 million. Despite facing challenges such as the impact of Russian sanctions and high churn due to legacy contract resets, Amplitude remains resilient, attributing its growth to an expanding customer base and successful product innovations.
However, due to the Russian sanctions, the company has adjusted its annual guidance lower on non-GAAP operating profit. Notwithstanding this, Amplitude anticipates achieving free cash flow positivity for the year. The company's customer base has grown to over 3,200 paying customers, with 547 customers contributing $100,000 or more to ARR. New product innovations, including session replay and enterprise-grade controls, were announced, and notable customer wins include HubSpot, Cloudflare (NYSE:NET), SketchUp, and Cook Children's Healthcare System.
These developments underscore the company's commitment to growth and customer satisfaction, even in the face of external challenges such as the macroeconomic environment and geopolitical issues. Despite these challenges, Amplitude's leadership remains focused on aligning operations with long-term strategic objectives, ensuring the company's ability to navigate through the current headwinds while aiming for industry leadership.
InvestingPro Insights
As Amplitude (NASDAQ:AMPL) brings on Wade Chambers as its first Chief Engineering Officer, investors might be curious about the company's financial health and market position. According to InvestingPro data, Amplitude's market capitalization stands at $1.11 billion, reflecting its significant presence in the digital analytics space.
Despite serving over 3,200 customers and introducing new platform features, Amplitude faces some financial challenges. An InvestingPro Tip reveals that the company is not profitable over the last twelve months, with an operating income margin of -32.77%. However, it's worth noting that analysts predict the company will be profitable this year, suggesting potential for financial improvement.
On a positive note, Amplitude's balance sheet appears strong. Another InvestingPro Tip indicates that the company holds more cash than debt, which could provide flexibility for future investments in product development and engineering initiatives under Chambers' leadership.
Amplitude's revenue for the last twelve months as of Q2 2023 was $287.96 million, with a revenue growth of 10.28%. This growth, albeit modest, aligns with the company's strategic moves to enhance its platform and partnerships.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 6 more InvestingPro Tips available for Amplitude, which could provide valuable context for understanding the company's financial position and growth prospects as it enters this new phase of engineering leadership.
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