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CrowdStrike Raises Revenue and Profit Forecasts Amid Growing Demand for Cybersecurity Services
Cybersecurity firm CrowdStrike raised its annual revenue and profit forecasts, beating third-quarter revenue estimates, as businesses increasingly invest in its comprehensive cybersecurity services to combat the widespread threat of online hacking and digital fraud.
The company, which provides endpoint detection and response, threat intelligence, and incident response services to businesses, saw its quarterly revenue rise 29% to $1.01 billion, exceeding analysts’ estimates of $982.4 million. CrowdStrike expects its annual revenue to be between $3.92 billion and $3.93 billion, compared to its prior expectations of $3.89 billion to $3.90 billion.
The company’s adjusted profit per share is expected to be between $3.74 and $3.76, up from its previous estimate range of $3.61 to $3.65. This is seen as a sign of “reacceleration” of growth and profitability, according to JP Morgan analysts.
Several high-profile companies, including AT&T, Live Nation Entertainment’s Ticketmaster unit, and UnitedHealth Group, have been targeted by online hacking attempts this year, driving up demand for cybersecurity services. CrowdStrike’s comprehensive approach appealed to many businesses, with CFO Burt Podbere noting that “customers embraced the program and chose to deepen their relationship with CrowdStrike.”