Cyber security solutions provider CrowdStrike hikes revenue target

CrowdStrike Holdings, a leading cyber security solutions provider, has increased its revenue target for its second quarter ending July 31 and full fiscal-year 2025.
CrowdStrike revenue targetCrowdStrike expects revenue in the range of $958.3 million and $961.2 million for the second quarter ending July 31.

Austin, Texas-based CrowdStrike is expecting revenue in the range of $3.98 billion and $4.01 billion, compared with its previous forecast of $3.92 billion and $3.99 billion.

Palo Alto Networks, one of the rivals of CrowdStrike, in May forecast its fourth-quarter billings largely in line with estimates, indicating the near-term impact of the firm’s attempts to consolidate its services under a single platform.

Research firm Canalys says cyber security spending will grow 9.9 percent in 2024 to reach $87 billion.
cyber security spending in 2024 Canalys report
“The Falcon platform’s differentiated architecture creates a wide competitive moat and uniquely enables CrowdStrike to solve the industry’s biggest cybersecurity, IT and data problems. Customers of all sizes are standardizing on the Falcon platform to achieve better security outcomes and lower their TCO,” George Kurtz, CrowdStrike’s president, chief executive officer and co-founder, said releasing its financial result.

CrowdStrike has reported 33 percent increase in revenue to $921 million for the first quarter ended April 30. CrowdStrike has generated sales revenue of $630 million from United States, $141.61 million from Europe, Middle East, and Africa, $93.46 million from Asia Pacific and $55.93 million from Others during its first-quarter.

CrowdStrike’s subscription revenue was $872.2 million, a 34 percent increase, compared to $651.2 million in the first quarter of fiscal 2024.

CrowdStrike’s Annual Recurring Revenue (ARR) grew 33 percent to $3.65 billion as of April 30, 2024, of which $211.7 million was net new ARR added in the quarter.

CrowdStrike expanded partnership with Amazon Web Services (AWS) to accelerate cybersecurity consolidation and cloud transformation.

CrowdStrike expanded partnership with Google Cloud to stop breaches across multi-cloud and multi-vendor environments and to power Mandiant’s Incident Response (IR) and Managed Detection and Response (MDR) services.

CrowdStrike announced a collaboration with NVIDIA to deliver NVIDIA’s AI computing services on the CrowdStrike Falcon XDR platform.

CrowdStrike partnered with Tata Consultancy Services (TCS) to power TCS’ extended managed detection and response (XMDR) services with the Falcon platform.

CrowdStrike launched a partnership to power HCLTech’s managed detection and response (MDR) solutions with the AI-native CrowdStrike Falcon XDR platform.

Baburajan Kizhakedath

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