New!Check out Board viewCheck out the new Board viewOrganize and track your social content ideas with the new Board view.Learn more

From:Jenny Terry
To:Shareholders
Subject:May 2024 Shareholder Update
Date:June 11, 2024

May 2024 Shareholder Update

ℹ️ Sent to shareholders on June 12, 2024

Hi there,

I’ll be sharing the metrics and key updates for Buffer for May 2024. I’m happy to take any questions or comments while Joel is away on family leave.

Key numbers

MRR
$1,536,239 +0.86%
ARR
$18,434,868 +0.86%
Customers
55,924 -0.05%
MAU
154,572 -2.46%
ARPU
$27.47 +0.70%
Team Size
71 up 1
Revenue Per Employee
$259,646 -0.56%
Net Income
$90,013 +63.00%
Bank Balance
$3,184,154 -3.13%
Runway
30 2 years, 6 months

For the past two consecutive months, we have successfully closed with a profit. Our revenue saw a notable increase of $25,000 from April to May, driven by a $17,000 rise in monthly and yearly revenue and an additional $8,000 from mobile revenue. In April, we introduced new downgrade logic, and May marked the first full month with this new system in place. One significant factor behind the increased revenue is the elimination of credits for unused time when customers downgrade their subscriptions mid-term. Additionally, our total operating expenses (OPEX) reached their lowest level since early 2020. This reduction in OPEX is attributed to six current open roles on the team, which include five backfills for recently departed team members and a new role for a marketing automation manager. We anticipate that OPEX will return to more typical levels, approximately $1.3 million per month, once these positions are filled.

Note-worthy updates and reflections

Facebook Stories Scheduling

On May 21, we rolled out Facebook Stories scheduling to 100% of users. Users can now use Buffer to schedule your video content for Facebook Stories, Instagram Stories and Reels, YouTube Shorts, and TikTok in just a couple of clicks.

Improved Channel Connection Flow

Our goal was to achieve reliability and consistency in our channel connection flows. This project originated due to discrepancies in how channel connections operated in Onboarding compared to the Account app, as well as between web and mobile apps. With the refactored code, we now have a unified and consistent approach across all implementations and channels, resulting in significantly fewer bugs, reduced re-work, and simplified bug-hunting. This refactor also lowers the time and effort needed to implement new API-based channels. Additionally, we saw this project as an opportunity to enhance the user experience across various channel connection interfaces. Our event and error tracking fidelity has greatly improved, making it easier to identify issues and opportunities at every stage of the connection flow.

Team wide performance reviews

In May, we kicked off our semi-annual performance review cycle. This included self-reviews, manager reviews,  and “up” reviews where teammates were asked to share feedback with their managers.

Team Wide Support Time (TWST)

Following an incredible team-wide support session during our March retreat, we decided to incorporate this experience into our regular work routines. The aim of Team Wide Support Time is to bring the team closer to our customers, foster a deeper understanding of their needs and pain points, and strengthen our relationships with users. We kicked off our first TWST in May and the team agreed that it built off of the momentum from our retreat really nicely.

Coming Up: Product Launches

  • Bluesky scheduling
  • Threads scheduling
  • LinkedIn personal profile analytics

Profitability

As I mentioned above, May marks our second straight month of profitability in 2024. This brings our Net Income, YTD, to a loss of $269,000. Gaining and growing paid subscribers will continue to be a core focus of ours as we make our way back to profitability

That’s it for May. We’ll be back in touch in July to share our June 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