Categories Earnings, LATEST, Technology

CyberArk’s stock gains after Q1 results beat estimates

CyberArk (NASDAQ: CYBR) reported first-quarter 2019 revenue and earnings that surpassed analysts’ expectations, sending the stock climbing by 5.8% in premarket hours on Tuesday.

Total revenue grew 34% year-over-year to $95.9 million. License revenue was $51.3 million, up 33% year-over-year while maintenance and professional services revenue rose 34% to $44.7 million.   

GAAP net income improved to $13.7 million, or $0.36 per share, from $6.4 million, or $0.18 per share, in the prior-year quarter. Adjusted net income was $21.5 million or $0.56 per share.

CEO Udi Mokady said, “Our results demonstrate that Privileged Access Security is the foundation of comprehensive cybersecurity programs. As the leader in the market, organizations of all sizes and industries are turning to CyberArk as a trusted advisor to secure digital transformation and cloud migration strategies. As we look at the remainder of 2019 and beyond, we are committed to delivering sustainable growth, strong profitability and continual innovation to secure privileged access across on-premises, hybrid and cloud environments.”

Total deferred revenue amounted to $171.1 million as of March 31, 2019, up 43% from the same period a year ago. At quarter-end, CyberArk had $509.7 million in cash, cash equivalents, marketable securities and short-term deposits.  

For the second quarter of 2019, CyberArk expects revenues to grow 24-26% year-over-year to a range of $96 million to $98 million. Adjusted EPS is expected to be $0.45-0.48.

For the full year of 2019, the company anticipates revenue growth of 21-22% to a range between $415 million and $419 million. Adjusted EPS is expected to be $2.10 to $2.16.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Cost reduction has become a priority for FedEx (FDX) after a challenging quarter

Shares of FedEx Corporation (NYSE: FDX) were up 1% on Tuesday. The stock has dropped 44% year-to-date and 34% over the past 12 months. The company delivered mixed results for

Prime Medicine is the next big biotech to pursue IPO. Here’s all you need to know

After a soft start to the year, the IPO market has witnessed muted activity so far though a few big companies entered the stock market. On the heels of AIG

Stock Watch: Is Darden Restaurants a good buy after earnings?

After a prolonged slowdown, the restaurant industry is returning to normal patterns but macroeconomic uncertainties and high inflation are currently playing spoilsport for it. While the pandemic-related slump forced many

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top