CrowdStrike posted better-than-expected results for its fiscal second quarter ended July 31, and lifted its expectations for the full fiscal year. Demand for cybersecurity software remained robust in the face of ongoing macroeconomic weakness.
For the quarter, CrowdStrike (ticker: CRWD) posted revenue of $535.2 million, up 58% from a year ago, and above both the company's guidance range of $512.7 million to $516.8 million and Street consensus at $515 million.
On an adjusted basis, the company earned 36 cents a share in the quarter, above both the company's forecast for 27 to 28 cents, and Street consensus at 28 cents. Under generally accepted accounting principles, CrowdStrike lost $49.3 million, or 21 cents a share, narrowing from a loss of $57.3 million, or 25 cents a share, in the year ago quarter.
The company said annual recurring revenue reached $2.15 billion, up 59% from a year ago, adding 1,741 net new customers in the quarter, boosting the total to 19,686 customers. That's up 51% from a year earlier.
"As organizations respond to macroeconomic conditions, they are prioritizing investments and looking to standardize with a security partner they can trust to achieve better protection with less time, fewer resources and lower total cost of ownership," CrowdStrike CEO George Kurtz said in a statement.
For the October quarter, CrowdStrike sees revenue of $569.1 million to $575.9 million, with non-GAAP profits of 30 to 32 cents a share; Street consensus estimates had been revenue of $568.5 million and profits of 28 cents a share.
For the full fiscal year ending in January, CrowdStrike now sees revenue of $2.223 billion to $2.232, up from a previous forecast of $2.2 billion. The company now sees full year non-GAAP profits of $1.31 to $1.33 a share, up from a previous forecast range of $1.18 to $1.22 a share.
CrowdStrike said the revised guidance "reflects our technology advantage and strong industry tailwinds combined with a pragmatic view of current macroeconomic conditions."
In late trading, CrowdStrike stock is up 0.08% to $193.44. Shares are down about 5% for the year to date.
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