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Last updated: March 5, 2024 at 8:14 PM ET
First Published: March 5, 2024 at 4:34 PM ET
Shares of CrowdStrike Holdings soared 24% in extended trading Tuesday after the cybersecurity company reported better-than-expected quarterly results and a positive outlook.
For the fiscal first quarter, CrowdStrike CRWD projects total revenue of $902.2 million to $905.8 million and adjusted earnings per share of 89 cents to 90 cents. Analysts tracked by FactSet were looking for $900 million and 82 cents, respectively.
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Shares of CrowdStrike Holdings soared 24% in extended trading Tuesday after the cybersecurity company reported better-than-expected quarterly results and a positive outlook.
For the first quarter of the fiscal year, CrowdStrike
CRWD
Modell’s total revenue will be between $902.2 million and $905.8 million, with adjusted earnings per share between 89 cents and 90 cents. Analysts tracked by FactSet were looking for $900 million and 82 cents, respectively.
Looking to the full year, CrowdStrike’s management expects revenue to be approximately $3.925 billion to $3.989 billion and adjusted EPS of $3.77 to $3.97. Revenue estimates exceeded the mid-point consensus estimate of $3.938 billion. The earnings estimate beat the FactSet consensus of $3.76.
CrowdStrike’s stock price was upbeat in extended trading after the stock fell about 5% in regular trading on Tuesday. In general, there has been some angst among cybersecurity investors following the Palo Alto Networks acquisition.
Panwoo
announced a pessimistic outlook in mid-February, and Zscaler Inc.
ZS
Last week’s results were met with a negative stock price reaction.
CrowdStrike’s fourth-quarter net income was $53.7 million, or 22 cents per share, compared with a net loss of $47.5 million, or 20 cents per share, in the year-ago period.
On an adjusted basis, CrowdStrike’s earnings per share nearly doubled from 47 cents to 95 cents, while analysts tracked by FactSet had modeled it at 82 cents.
Revenue rose from $637.4 million to $845.3 million, compared to analysts’ expectations of $839.1 million.
CrowdStrike’s year-end recurring revenue increased 34% year over year, the company said. Net new ARR growth accelerated to 27%.
“Our financial results for 2024 represent a new high for CrowdStrike, and we remain relentlessly focused on growing our business profitably to over $10 billion in ARR.” Director Bart Podbele said in a release.
The company also announced plans to acquire Flow Security in a deal to enhance cloud data protection.
CrowdStrike is “extending cloud leadership by protecting data as it flows through the cloud, and redefining the future of data protection by protecting data from code to applications to devices to the cloud.” said George Kurtz, the company’s chief executive officer. said in a release.
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