Apple device management company, Jamf (NASDAQ:JAMF) reported results ahead of analysts' expectations in Q4 FY2023, with revenue up 15.6% year on year to $150.6 million. On the other hand, next quarter's revenue guidance of $149 million was less impressive, coming in 1.2% below analysts' estimates. It made a non-GAAP profit of $0.13 per share, improving from its profit of $0.06 per share in the same quarter last year.

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Jamf (JAMF) Q4 FY2023 Highlights:

• Revenue: $150.6 million vs analyst estimates of $148.5 million (1.4% beat)

• EPS (non-GAAP): $0.13 vs analyst estimates of $0.12 (9.4% beat)

• Revenue Guidance for Q1 2024 is $149 million at the midpoint, below analyst estimates of $150.8 million

• Management's revenue guidance for the upcoming financial year 2024 is $617 million at the midpoint, missing analyst estimates by 3.8% and implying 10.1% growth (vs 17.3% in FY2023)

• Free Cash Flow of $15.51 million, down 52.3% from the previous quarter

• Gross Margin (GAAP): 78%, down from 80% in the same quarter last year

• Market Capitalization: $2.50 billion

“Jamf completed 2023 with solid results as organizations choose Jamf to enable an Apple-first, modern approach to managing and securing employee devices,” said John Strosahl, Jamf CEO.

Founded in 2002 by Zach Halmstad and Chip Pearson, right around the time when Apple began to dominate the personal computing market, Jamf (NASDAQ:JAMF) provides software for companies to manage Apple devices such as Macs, iPads, and iPhones.

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Sales Growth

As you can see below, Jamf's revenue growth has been strong over the last two years, growing from $103.8 million in Q4 FY2021 to $150.6 million this quarter.

This quarter, Jamf's quarterly revenue was once again up 15.6% year on year. We can see that Jamf's revenue increased by $8.02 million in Q4, up from $7.54 million in Q3 2023. While we've no doubt some investors were looking for higher growth, it's good to see that quarterly revenue is re-accelerating.

Next quarter's guidance suggests that Jamf is expecting revenue to grow 12.7% year on year to $149 million, slowing down from the 22.1% year-on-year increase it recorded in the same quarter last year. For the upcoming financial year, management expects revenue to be $617 million at the midpoint, growing 10.1% year on year compared to the 17.1% increase in FY2023.