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CrowdStrike Revenue Surges on Strong Demand for Cyber Security

For the latest quarter, CrowdStrike's revenue registered $302.8 million, up 70%.
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CrowdStrike  (CRWD) - Get CrowdStrike Holdings, Inc. Class A Report shares rose in after-hours trading Thursday, after the company reported stronger-than-expected revenue and adjusted profit for the quarter ended April 30.

For that fiscal 2022 first quarter, revenue registered $302.8 million, a whopping 70% increase from $178.1 million in the year-earlier quarter. The FactSet analyst consensus called for revenue of $291.5 million in the latest quarter.

CrowdStrike suffered a net loss of $82.87 million, or 38 cents a share, in the latest quarter, widening from a $19.22 million loss, or 9 cents a share, last year. The analyst consensus called for a loss of 13 cents in the latest quarter.

Adjusted profit per share totaled 10 cents, up from 2 cents a year ago. Analyst expected adjusted profit of 5 cents in the latest quarter.

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CrowdStrike shares recently stood at $218, up 0.93% in after-hours trading. The stock has soared more than 52% in the past six months amid strong demand for cybersecurity services.

“CrowdStrike kicked off the new fiscal year with strong momentum and delivered outstanding first quarter results that exceeded our expectations,” said CrowdStrike Chief Executive George Kurtz, in a statement.

“We saw strength in multiple areas of the business, added $144 million in net new ARR [annual recurring revenue] in the quarter and grew ending ARR 74% year-over-year to exceed $1.19 billion," he added.

In April, Deutsche Bank analysts initiated coverage of CrowdStrike with a buy rating and $265 price target.

In March, the company posted better-than-expected results for the fiscal 2021 fourth quarter, and Wall Street analysts lauded the effort.