CrowdStrike raises annual revenue forecast on strong cybersecurity demand
FILE PHOTO: CrowdStrike logo is seen in this illustration taken July 29, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
Aug 26 : CrowdStrike beat second-quarter earnings estimates and raised its annual revenue forecast on Wednesday, as demand for its cloud-based cybersecurity platform continued to grow.
Shares of the Austin, Texas-based company rose more than 10 per cent in extended trading.
• CrowdStrike is a cloud-native cybersecurity software firm that helps businesses protect their computers, cloud systems, accounts and data from cyberattacks.
• Recent disclosures from Meta, Anthropic and OpenAI showed increasingly capable AI models exploiting vulnerabilities or breaching systems in cybersecurity testing, highlighting the hacking risks posed by the technology and the growing need for cybersecurity products.
• CrowdStrike CEO George Kurtz said, "Every enterprise will run on AI, and securing it is the largest market opportunity in our history."
• The company posted second-quarter revenue of $1.47 billion, beating analysts' average estimate of $1.44 billion, according to data compiled by LSEG.
• Adjusted profit per share came in at 31 cents, beating analysts' estimate of 29 cents.
• The company raised its full-year revenue forecast to between $5.991 billion and $6.01 billion, from a previous forecast of between $5.91 billion and $5.96 billion.
• Annual recurring revenue was $5.84 billion at the quarter-end, up 25 per cent from a year earlier.
