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Revenue fell 5% year-over-year to $589.3 million, beating the consensus estimate of $559.78M. Excluding the impact of $60M of Q1/23 product revenue that was contemplated in the second half of last year, revenue grew 5% year-over-year.
Subscription services revenue increased 28% year-over-year to $280.3M. Subscription annual recurring revenue (ARR) was $1.2 billion, representing a 29% year-over-year increase.
For Q2/24, the company expects revenue of $680M, above the consensus estimate of $657.4M. Non-GAAP operating margin is expected to be 13%.
For the full year, the company expects mid-to-high single-digit revenue growth year-over-year. Non-GAAP operating margin is expected to be 15%.
