CrowdStrike Dipped over 2% Despite Strong Q1 Earnings and Guidance
Crowdstrike dipped over 2% despite strong Q1 earnings and guidance.The cybersecurity company posted revenue growth of 61% to $487.8 million, topping the consensus of $463.11 million. Annual Recurring Revenue (ARR) increased 61% year-over-year and grew to $1.92 billion as of April 30, 2022, of which $190.5 million was net new ARR added in the quarter.
CrowdStrike posted Non-GAAP net income of $0.31 in the quarter, up from $0.10 last year and better than the consensus of $0.23.
CEO George Kurtz said the company saw, "strength across the platform including a record quarter for modules deployed in the public cloud, and over 100% year-over-year ending ARR growth for our emerging product group, which includes our Discover, Spotlight, Identity Protection and Log Management modules."
CFO Burt Podbere noted that gross retention rates reached an all-time high and the number of customers adopting six or more and seven or more modules both more than doubled year-over-year.
For the second quarter, CrowdStrike sees revenue of $512.7-516.8 million, versus the consensus of $509 million. They see Non-GAAP EPS of $0.27-$0.28, versus the consensus of $0.24.
For the year, the company sees revenue of $2.1905-$2.2058 billion, versus the consensus of $2.15 billion. They see Non-GAAP EPS of $1.18-$1.22, versus the consensus of $1.10.
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