CrowdStrike Stock Surges After Earnings Beat
Company raises full-year guidance, reports strong first-quarter revenue
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CrowdStrike Holdings Inc. (CRWD) stock rose in late trading after the company raised its full-year guidance and reported first-quarter revenue that topped analysts' expectations. The cybersecurity company said it now expects fiscal 2023 revenue to be in the range of $2.23 billion to $2.26 billion, up from its previous guidance of $2.18 billion to $2.22 billion. CrowdStrike also reported first-quarter revenue of $638.3 million, up 61% year-over-year and above the consensus estimate of $624.3 million. The company's earnings per share (EPS) came in at $0.41, beating the consensus estimate of $0.32.
CrowdStrike's strong results were driven by continued demand for its cybersecurity products and services. The company's customer base grew by 22% year-over-year to 18,400 customers. CrowdStrike also saw strong growth in its subscription revenue, which accounted for 96% of total revenue in the quarter. The company's annual recurring revenue (ARR) grew by 62% year-over-year to $2.31 billion.
CrowdStrike's stock has been on a tear in recent months, rising more than 50% since the beginning of the year. The company's strong earnings report is likely to further fuel investor interest in the stock. CrowdStrike is a leader in the cybersecurity industry and is well-positioned to continue to grow its business in the years to come.
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