Software-development-tools company JFrog posted better-than-expected third-quarter results, while providing upbeat guidance despite the impact of its business from the war in Israel, where the company has more than half of its employees.
JFrog said cloud revenue in the quarter was $30.6 million, up 46% from a year earlier, and accounting for 35% of total revenue, up from 29% a year ago. Jfrog added six customers each generating annualized revenue for the company of more than $1 million, bringing the total to 30, which is up from 18 a year earlier.
JFrog provides tools used by developers to secure, create, and distribute software. CEO Shlomi Ben Haim said in an interview with Barron’s from the company’s office in Tel Aviv that while the company entered the year anticipating a potential recession, he added that customers can’t reduce their focus on the speed and security of software delivery. “That’s where JFrog shines,” he says.
Ben Haim said the company activated its business continuity plan two hours after the attack by Hamas started, and that he’s tried to keep the business running with minimal distraction. He said the company’s staff are safe and accounted for; he also noted that two of his daughters are serving in the IDF.