Leading cybersecurity firm CrowdStrike has reported revenue of $731.6 million, a 37 percent increase in the second quarter of fiscal 2024, compared to $535.2 million in the second quarter of fiscal 2023.
CrowdStrike said its subscription revenue was $690.0 million, a 36 percent increase, compared to $506.2 million in the second quarter of fiscal 2023.
CrowdStrike’s Annual Recurring Revenue (ARR) increased 37 percent year-over-year and grew to $2.93 billion as of July 31, 2023, of which $196.2 million was net new ARR added in the quarter.
CrowdStrike has achieved subscription gross margin of 78 percent, compared to 76 percent in the second quarter of fiscal 2023.
CrowdStrike’s module adoption rates increased to 63 percent, 41 percent and 24 percent for five or more, six or more and seven or more modules, respectively, as of July 31, 2023
George Kurtz, CrowdStrike’s president, chief executive officer and co-founder, said: “The AI-powered Falcon platform’s native capabilities across our cloud, identity, and next-gen SIEM businesses are unique in the market, in aggregate contributing well over half a billion dollars in ending ARR.”
CrowdStrike has announced a revision in its annual revenue forecast, signaling increased confidence in its growth prospects amidst a challenging cybersecurity landscape. The company’s upgraded outlook comes as it seeks to stay ahead in an environment marked by rising cyber threats and attacks.
Austin, Texas–based CrowdStrike has adjusted its annual revenue expectations to a range of $3.03 billion to $3.04 billion, a notable increase from its earlier projection of between $3 billion and $3.04 billion. This upward revision reflects the company’s robust performance and its ability to navigate the evolving cybersecurity landscape effectively.
Furthermore, the cybersecurity company has also raised its outlook for annual adjusted earnings per share (EPS). The new forecast places the range between $2.80 and $2.84 per share, surpassing its previous estimate of $2.32 to $2.43 per share. This shift highlights CrowdStrike’s commitment to delivering not only strong revenue growth but also improved profitability.
For the current quarter, CrowdStrike has forecasted revenue to fall within the range of $775.4 million to $778.0 million. This projection underscores the company’s strategic positioning to address ongoing cybersecurity challenges and meet the demands of a rapidly changing digital landscape.
The escalating cyber threat landscape is a backdrop against which these forecasts are set. Check Point Research revealed that global average weekly cyber attacks surged by 8 percent in the second quarter of 2023. The average number of attacks per organization per week reached a two-year high, underscoring the urgency for robust cybersecurity measures.
CrowdStrike’s positive outlook aligns with the broader trend within the cybersecurity sector. Rival firm Palo Alto Networks recently forecasted annual billings above market estimates, driven by escalating demand for integrated cybersecurity solutions.
As cyber threats continue to evolve and intensify, cybersecurity firms like CrowdStrike are playing a pivotal role in safeguarding digital ecosystems. The company’s upwardly revised forecasts and solid financial performance reaffirm its commitment to providing effective solutions in an increasingly complex digital world.