Guidewire Software, Inc. Reports Net Loss of $112 Million for FY 2023
Annual Revenue Reached $905 Million
Guidewire Software, Inc. [GWRE], a leading provider of software solutions for the insurance industry, has announced its financial results for the fiscal year ended July 31, 2023. The company reported a net loss of $112 million for the year, compared to a net loss of $180 million in the previous year. Annual revenue reached $905 million, a significant increase from $813 million in the prior year.
Financial Performance
Despite the net loss, Guidewire Software showed strong financial performance with a 12% growth in revenue. Gross profit for the year was $458 million, up from $377 million in the previous year. The company's total operating expenses for the year were $608 million, compared to $577 million in the prior year. Despite these expenses, the company managed to reduce its operating loss from $199 million in FY 2022 to $149 million in FY 2023.
