Shares of CyberArk Software (CYBR) surged nearly 7% in early trading Tuesday after the cloud-based security and information technology company reported earnings that were better than Wall Street estimates.
CyberArk stock gained $8.20 to $129.44 in premarket trading on the Nasdaq Stock Market after the company reported net income of $13.7 million, or 36 cents a share, vs. $6.4 million, or 18 cents a share, in the comparable year-earlier period.
On a non-GAAP basis, the company earned $21.5 million, or 56 cents a share, compared with $11.8 million, or 32 cents a share, a year ago. Analysts polled by FactSet had been expecting per-share earnings of 41 cents.
Revenue came in at $95.9 million, consisting of $51.3 million in licensing revenue and $44.7 million in maintenance and professional services revenue.
"We were pleased to deliver results ahead of all guided metrics as well as record cash flow from operations," CyberArk CEO Udi Mokady said in a statement.
The company also provided positive guidance, noting that it expects second-quarter non-GAAP earnings per share of between 45 cents and 48 cents on revenue of between $96 million and $98 million, and full-year non-GAAP earnings per share of between $2.10 and $2.16 a share on revenue of between $415 million and $419 million.
Analysts surveyed by FactSet currently expect second-quarter per-share earnings of 42 cents and full-year per-share earnings of $2.