In its maiden quarterly results as a public company, CrowdStrike (NASDAQ: CRWD) said its Q1 revenues doubled year-over-year to $96.1 million, surpassing the Street projection of $95.67 million. The top-line was driven by a 116% jump in subscription revenue to $86 million.
Net loss for the first quarter of 2020 narrowed to 47 cents per share from 73 cents a year ago. This was in line with the Wall Street projection.
The company said it added 543 new subscription customers in Q1 to end the quarter with a total of 3,059 subscribers. Meanwhile, Annual Recurring Revenue (ARR) rose 114% to $364.6 million as of April 30, 2019.
CRWD shares gained 11% following the upbeat earnings results. The stock has more than doubled in its one month at the market.
CEO George Kurtz said, “We are pleased with the strong start to the year. We achieved 103% year-over-year revenue growth in the first quarter, which is consistent with the preliminary results that we shared in our IPO prospectus.”
Outlook
CrowdStrike also provided guidance for the second quarter and the full year, both of which were ahead of Wall Street expectations. For the second quarter, it expects adjusted net loss of 23-24 cents per share on revenues of $103 – $104 million.
For the full year, meanwhile, adjusted net loss is projected in the range of 70-72 cents per share on revenues of $430.2 – $436.4 million.
The Sunnyvale, California-based cybersecurity firm had a scintillating initial public offering a month ago when it raised $612 million by floating 18 million shares at $34 apiece. The stock opened for trade in a highly enthusiastic market, which sent its price soaring 70% by the end of the day.
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Crowdstrike, founded in 2011, specializes in analyzing user behavior in various devices of a network, and uses this data to identify malicious interferences and cyber threats.
According to the company, its automated threat detection solution can come up with as many as 2.3 million decisions in a second’s time. It’s software, meanwhile, is claimed to have the capacity to successfully finish over 100 billion jobs in just a day.
It has previously unraveled a few high-profile hack incidents, including tracing the 2016 Democratic National Committee email leak to Russia. It has also revealed the source of 2014 Sony Pictures hack to North Korea, besides helping law enforcement agencies nab the culprits in Chinese espionage on the US.
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