Amplitude Inc. shares fell over 16% in after-hours trading today after the behavior-tracking firm reported mixed results in its fourth quarter and fell short on quarterly and full-year outlooks.

For the quarter that ended Dec. 31, Amplitude reported adjusted earnings per share of four cents, up from a loss of three cents in the same quarter of 2022, on revenue of $71.4 million, up 9% year-over-year. The results were a slight beat and a slight miss, as analysts had expected earnings per share of three cents on revenue of $71.51 million.

Amplitude saw decent revenue and customer growth, with annual recurring revenue increasing 10% year-over-year, to $281 million, a figure also up $8 million from the previous quarter. Cash flow from operations came in at $2.3 million, a $6.9 million increase year-over-year, and free cash flow was $1.5 million, up $7.4 million. Amplitude ended the quarter with 2,723 customers, up 37% year-over-year.

Recent business highlights include Amplitude adding session replays to its customer analytics platform in February. The feature is integrated with Amplitude Analytics to bridge the gap between qualitative and quantitative analysis and to help customers watching a replay visualize the sessions based on the events that actually matter to them.

For the full year, Amplitude reported adjusted earnings per share of six cents, up from a loss of 21 cents per share in 2022, on revenue of $281 million, up 10% year-over-year.

“Amplitude closed 2023 strong. It was our biggest year ever for product innovation and we ended Q4 with a record number of new enterprise logo wins,” co-founder and Chief Executive Spenser Skates said in the company’s earnings release. “We see continued validation that our strategic approach — a Digital Analytics Platform with product analytics at its core – is the right one to win in the long term.”

For its fiscal 2024 first quarter, Amplitude expects adjusted earnings per share of negative one cent to breakeven on revenue of $72.1 million to $72.7 million. Analysts expected to see adjusted earnings of two cents; however, the revenue outlook was a slight beat versus an expected $71.3 million.

For the full year, the company expects adjusted earnings per share of six to eight cents on revenue of $291.5 million to $294.5 million. Both were misses as analysts had anticipated an outlook of 12 cents and $297.3 million.

Photo: Amplitude