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CrowdStrike Soars on Strong Outlook as Cybersecurity Demand Booms

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© Reuters

By Dhirendra Tripathi

Investing.com – CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock surged 13% in premarket Thursday on the cybersecurity firm’s promise to deliver another strong year after its 2022 revenue rose 66%.

The firm is projecting its 2023 revenue to come in between $2.13 billion and $2.16 billion, a jump of at least 45% as work-from-home becomes the mainstay at many companies, creating a need to secure systems at offices and homes in remote locations. CrowdStrike provides cloud-based platforms to prevent cyberattacks.

Net new annual recurring revenue of $217 million in the fourth quarter was a new all-time high, allowing the company to close January at $1.73 billion in ARR, up 65%.

The company added 1,638 net new subscription customers in the quarter to close the year with a base of 16,325. Adjusted gross subscription margin slipped by a percentage point to 79%. Free cash flow in the year was a record $442 million.

Total revenue in the fourth quarter jumped 63% to $431 million. Adjusted net profit per share more than doubled to 30 cents.

In the current quarter, the company expects an adjusted profit per share of 23 cents on revenue of about $462 million at the center of its guidance range.

CrowdStrike Soars on Strong Outlook as Cybersecurity Demand Booms

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