JFrog Appoints New CFO, Reaffirms Q3 & FY23 Outlook

JFrog Ltd FROG disclosed the appointment of Ed Grabscheid as the new Chief Financial Officer (CFO), effective January 1, 2024. 

Grabscheid is replacing Jacob Shulman, who is leaving the company to pursue another opportunity and may stay in an advisory role.

Grabscheid is currently serving as FROG's Vice President of Finance and played an integral part in facilitating the IPO. He has over 25 years of experience in global finance and strategy, accounting, corporate reporting, and forecasting. 

Outlook: FROG reaffirmed its guidance for Q3 and 2023 provided during Q2 results.

Last month, the company reported Q2 revenues of $84.19 million, up 24% Y/Y, beating the consensus of $82.96 million, and adjusted EPS of $0.11 exceeded the consensus of $0.05.

The company expects revenue of $87.0 million-$88.0 million (vs. $87.56 million street view) and adjusted EPS of $0.08-$0.09 (vs. consensus $0.08) for Q3.

FROG projects revenue of $343.5 million-$345.5 million (consensus $344.49 million) and adjusted EPS of $0.26-$0.28 (vs. street view of $0.32) for FY23. 

Related: JFrog To Gain From Pipeline Strength Amid Positive Consumption Trend, Analyst Forecasts Multi-Year Growth

Price Action: FROG shares closed lower by 1.55% at $25.33 on Thursday.