CrowdStrike targets $3 bn revenue as cybersecurity spending booms

CrowdStrike, a global cybersecurity solutions provider, said it expects fiscal year 2024 revenue between $2.96 billion and $3.02 billion.
CrowdStrike customers 2022CrowdStrike’s revenue in fiscal 2023 was $2.24 billion, a 54 percent increase, compared to $1.45 billion in fiscal 2022. Subscription revenue was $2.11 billion, a 55 percent increase, compared to $1.36 billion in fiscal 2022.

CrowdStrike CFO Burt Podbere in its earnings report said CrowdStrike expanded its team by 46 percent in 2022. It would allow the company to significantly moderate its pace of new hires.

CrowdStrike reported revenue of $637.4 million, a 48 percent increase, for the fourth quarter of fiscal 2023, ended January 31, 2023 compared to $431 million in the fourth quarter of fiscal 2022.

Austin, Texas-based CrowdStrike’s subscription revenue increased 48 percent to $598.3 million from $405.4 million.

CrowdStrike’s Annual Recurring Revenue (ARR) increased 48 percent to $2.56 billion as of January 31, 2023, of which $221.7 million was net new ARR added in the quarter.

“Highlights of the quarter included record net new ARR of $222 million, record net new subscription customers of 1,873, record operating and free cash flow and a rule of 81 on a free cash flow basis,” said George Kurtz, CrowdStrike’s president, chief executive officer and co-founder.

“CrowdStrike’s growing market share showcases customers’ recognition of the Falcon platform’s technology leadership and advanced AI that drives better security outcomes, consolidation and lower TCO.”

While tech budgets have shrunk this year in the face of rising interest rates and decades-high inflation, a series of high-profile hacks and the rising digital presence of companies and governments has ensured demand for cybersecurity services.

Rival Palo Alto Networks raised its annual profit forecast last month and beat estimates for quarterly earnings, saying it expects cybersecurity demand to be resilient.

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