SendGrid Posts 32% Hike In Q2 Revenue

SendGrid pulled in $35.7 million in revenue during the second quarter -- a 32% increase over the same period of 2017, the email provider announced today in its financial results.

The company’s API revenue totaled $28.2 million, also growing by 32%. It now represents 79% of total revenue.

Meanwhile, marketing campaign revenue rose by 97% to $6.3 million, versus the same quarter last year.

Gross margin for the quarter was 75.3%, an increase of 220 basis points over the prior year. However the GAAP realized a net loss of $(0.3) million, or $(0.01) per share, compared with $(1.3) million, or $(0.17) per share, in the second quarter of 2017. This included $2.8 million of stock compensation expense.

Looking at the year as a whole, SendGrid expects to produce annual revenue ranging from $142.5 million to $144 million, a 28% increase year-over-year at midpoint. And it anticipates non-GAAP adjusted net income in a range of $7.0 million to $9.0 million. 

The company forecasts that third-quarter 2018 revenue will come in between $35.9 million and $36.1 million  -- up 27% at the midpoint.

In non-financial highlights, the firm says it has 74,000 customers -- a 35% increase over the second quarter of 2017. And it delivered 140.2 billion emails in the quarter, a 29% increase over second-quarter 2017. SendGrid also says it has completed GDPR readiness initiatives. 

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