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The company beat top and bottom-line expectations with Q1 EPS of $0.57, $0.06 better than the analyst estimate of $0.51, and revenue of $692.6 million versus the consensus estimate of $677.39M. However, its 42% rise in revenue YoY slowed from the 61% increase it posted last year.
CRWD shares are currently down over 9%.
Looking ahead, the company sees Q2 EPS from $0.54 to $0.57, versus the consensus of $0.54, with revenue between $717.2M and $727.4M, versus the consensus of $718.9M.
FY2024 EPS is seen between $2.32 and $2.43, versus the consensus of $2.32, with revenue from $3 billion to $3.04B, versus the consensus of $2.96B.
Barclays analysts said, “CRWD reported inline net new ARR of ~$174M, inline with sell-side but below upside expectations.”
“We leave our ARR assumptions unchanged, but tweak up our income statement estimates. We think stock could take a breather, but the thesis of continued share gain, broader portfolio, and FCF support are unchanged,” wrote the analysts, who maintained an Overweight rating and $162 price target.
Morgan Stanley analysts, who have an Overweight rating and $163 price target on CRWD, said the company delivered a “solid Q1 beat vs consensus but fell slightly short of heightened buyside expectations.”
“We see a more favorable 2H setup given easier comps, ramping go-to-market partnerships and potential AI tailwinds. We’d be adding aggressively,” they wrote.
TD Cowen analysts described it as a strong quarter for CRWD, maintaining an Outperform rating and a $180 price target on the stock.
“CRWD delivered consensus-beating F1Q24 results driven by healthy adoption rates and good execution although net new ARR of $174M vs. bogey of $190M sent shares down AH. Despite a challenging macro, CRWD closed 1Q with a strong and improving pipeline and solid metrics (e.g. ARR expanded 42% y/y and subscription gross margins reached 80%). AI, consolidation, and Cloud remain supporting drivers,” they said.
