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From:Jenny Terry
To:Shareholders
Subject:April 2024 Shareholder Update
Date:May 13, 2024

April 2024 Shareholder Update

ℹ️ Sent to shareholders on May 13, 2024

Hi there, I’ll be sharing the metrics and key updates for Buffer for April 2024. I’m happy to take any questions or comments while Joel is away.

Key numbers

MRR
$1,526,936 +.20%
ARR
$18,323,232 +0.20%
Customers
55,954 -0.27%
MAU
158,470 +2.05%
ARPU
$27.28 +0.44%
Team Size
70 down 1
Revenue Per Employee
$261,760
Net Income
$55,222
Bank Balance
$3,287,117 -2.84%
Runway
25 months 2 years, 1 month

For the first time since January 2023, we closed the month with a profit. Our Net Income for the month of April came in at $50,222. This brings our YTD loss down to -$359,000. Our New Buffer MRR/ARR segment grew by 1.51% and overall MRR/ARR grew by 0.20%.

Note-worthy updates and reflections

Create Launch

Last month I shared that we were preparing to launch Buffer’s new Board view to all users in April. This went live on Wednesday, April 17th. With the brand new Board view users can:

  • Drag and drop their content ideas into fully customizable columns
  • Visualize their progress from "To Do" to "Done"
  • Organize content by format, channel, team member or however they’d like

This new space allows users to create and organize all of their content within Buffer. Users who were previously using Trello or another task management tool are loving this feature. Whether it’s an image, a blog post, or even just a random thought users can now: save it in Buffer, tag it, repurpose it for any social channel, and automatically publish it at the best time. Based on initial launch results we’re seeing that Board view converts new signups from the Marketing Page. And when reflecting on the Create features more generally, we’re seeing that users who start in the Create part of the app have higher retention.

Facebook Group Reminders

Earlier this year Meta announced their plans to sunset API support for Facebook Groups effective April 22nd. As a result, our engineers and PMs have been working to ensure our customers have a solution in place to continue connecting Facebook Groups. While automatic scheduling to Facebook Groups is no longer possible, Buffer will continue to support publishing to Facebook Groups using mobile notifications (i.e. reminders). On April 22nd, we released reminders for Facebook Groups.

With notification based publishing, users can still create their post in Buffer, receive a notification on their mobile device when it’s time to post, and then tap the notification and copy their post over to their Facebook group to finish publishing.

Notification publishing tends to give users more flexibility with what they can schedule, as they aren’t bound to any API limitations. For example, users can schedule a Poll or an Event. Additionally, while users previously needed to be an admin of a Facebook Group to schedule a post to the group, with notification publishing, users can now post as a non-admin group member.

Overall, as expected, posting volume has dropped with this change but channel connection only slightly declined, further validating that users are finding value in notification publishing.

Marketing

Our resources blog had one of its best months of traffic in April thanks to a strong focus on SEO, content refreshes, and some stellar new content that have extended our search footprint. Our design team is also making serious progress on refining the design style for our upcoming Web refresh. We’re excited for this refresh to go live in the coming months.

Profitability

While we are celebrating our first profitable month since January 2023, it is notable that profitability in April was primarily driven by a reduction in our OPEX spend. Our top line revenue declined by ~$6,400 from March to April. We’re looking more deeply into this alongside a general decline we’re seeing in some of our leading indicators like signups and activations. After a strong Q1, we believe that some seasonality is at play here and we are investigating different strategies to hedge against this.

That’s it for April. We’ll be back in touch in June to share our May results. In the meantime, please feel free to reach out with any questions or comments.

Thanks for your continued support!

Jenny, Head of Finance

More Updates

May 2024

Facebook Stories Scheduling, Improved Channel Connection Flow, Performance Reviews, Team Wide Support Time (TWST), Profitability

April 2024

Create Launch, Facebook Group Reminders, Marketing, Profitability

March 2024

Retreat, Growth & Q1 Results, Mobile Apps Growth, New Board View, Launch of Instagram Universal Publishing

January 2024

LinkedIn Documents and First Comment, Reorder Images in a Scheduled Post, Paste Images and Videos into the Composer, 100k Signups

February 2024

Positive year-over-year growth rate, More flexibility in link shortening, Various UX and conversion rate improvements, Preparing for retreat, and working towards larger updates

2023 Annual Shareholder Letter

2023 was a turnaround year for Buffer by a variety of measures. Read our annual letter to shareholders with 2023 results, current strategy, the progress and changes we’ve made, and what to expect for 2024.

October 2023

AI Assistant becomes Social Media Smart, Tags and upgraded organization features, New Buffer crossed $1M MRR, Exec Team meetup, Operating Principles

September 2023

Notes, Quick navigator, Q3 reflection

August 2023

Facebook Reels Scheduling, Mailchimp email capture from your Start Page, Start Page Incident with Meta

July 2023

Buffer Build Week 2023, Buffer Suggestions, Open Beta, Referral Program

June 2023

YouTube Shorts, Revamped Post Analytics, Q2 Reflection

April + May 2023

Revamped Zapier Integration, Stripe checkout and Stripe tax, AI in the main composer + post suggestions, Instagram Stories scheduling

March 2023

AI for highlighted text and new prompts, Keeping Buffer free campaign, Stripe Checkout to facilitate tax collection

February 2023

Our banking position, Buffer’s AI assistant, Integrations in ideas area, Post previews

January 2023

Leading indicator growth, Mastodon as a channel, Twitter API changes