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Investing.com – Cybersecurity company CrowdStrike reported a surprise fiscal first-quarter profit as increasing demand for cybersecurity boosted performance.
Crowdstrike (NASDAQ:CRWD) reported earnings of $0.02 a share, confounding estimates for a loss $0.06 a share. Revenue of $178.1 million beat estimates of $165.39 million.
Annual recurring revenue – used to gauge the performance of subscription businesses – rose 88%, supported by a 105% jumped in subscription customer growth year over year.
“CrowdStrike finished the quarter with strong momentum and delivered results that exceeded our expectations across the board,” said George Kurtz, CrowdStrike’s co-founder and CEO, in a statement. “An increasing number of organizations recognize the power of CrowdStrike’s cloud-native Falcon platform to effectively stop breaches as well as simplify their security and I.T. operations stack with a single, lightweight agent.”
For the second quarter, the company expects a loss of 0 to 2 cents a share on revenue within a range of $185.8 million to $190.3 million.
