– CrowdStrike Holdings Inc (CRWD) reported earnings of ($0.21) per share for the quarter ending on July 31, a 55.7% increase from the previous quarter.
The company had revenue of $535.15 million for the quarter, a 9.7% increase from the previous quarter.
– CrowdStrike added 1,660 net new subscription customers in the quarter, bringing its total customer count to 15,431, a 70% year-over-year growth.
– CrowdStrike forecast revenue of $561 million to $569 million for the current quarter and adjusted earnings of 38 cents to 40 cents a share. Analysts had expected revenue of $551 million and earnings of 36 cents a share.
– CrowdStrike expects revenue of $2.26 billion to $2.28 billion for fiscal 2023 and adjusted earnings of $1.62 to $1.72 a share.
– CrowdStrike said its business outlooks are based on its strong performance in the third quarter and its confidence in its ability to execute its growth strategy.
– CrowdStrike’s operating expense was $518.22 million for the quarter ending on July 31, a 10% increase from the previous quarter.
– The key drivers of CrowdStrike’s growth are:
– The increasing demand for cybersecurity solutions amid the rise of cyberattacks and remote work trends.
– The continued digital transformation and cloud migration strategies adopted by organizations.
– The portfolio strength of CrowdStrike, mainly the Falcon platform’s 10 cloud modules, which boost its competitive edge and help add users.
– The pricing structure of CrowdStrike, which is based on per module per endpoint per year, which encourages customers to adopt more modules and increase spending.
– The expansion of its market opportunity by penetrating new markets and regions, such as Asia-Pacific and Latin America.