CrowdStrike shares rise premarket after cybersecurity group lifts outlook By
2024-06-05 18:20:08

-- Shares in CrowdStrike (NASDAQ:) jumped more than 6% in premarket U.S. trading on Wednesday after the cybersecurity group raised its full-year guidance and topped first-quarter estimates.

CrowdStrike forecast adjusted earnings per share (EPS) of $3.93 to $4.03 and revenue of $3.98 billion to $4.01 billion for its 2025 fiscal year. That was above the prior forecast for EPS of $3.77 to $3.97 on revenue of $3.92 billion to $3.99 billion, in a sign that clients are continuing to spend on cybersecurity solutions during a time of increased online challenges fueled by a boom in enthusiasm over artificial intelligence.

"There is clear demand for the product," analysts at Bernstein said, adding that they "remain bullish" on the firm's "ability to execute."

In the current quarter, CrowdStrike expects to post adjusted EPS of $0.98 to $0.99 on revenue in a range of $958.3M to $961.2M. Wall Street estimates had called for adjusted EPS of $0.91 on revenue of $954.6M.

"The guidance given was ahead of [Wall Street] expectations but leaves room for upside in our opinion," analysts at Truist Securities said in a note to clients.

For the three months ended Apr. 30, CrowdStrike of $0.93 a share on revenue of $921 million, beating analyst estimates of $0.89 and $904.56 million, respectively.

The results were attributed to "strong execution and platform adoption as customers increasingly consolidate" on its Falcon antivirus service, according to a statement from the company. 

Annual recurring revenue – a measure of performance of its subscription businesses – rose 33% year over year. Adjusted subscription gross margin was 78%, unchanged from the same period a year earlier.

Yasin Ebrahim contributed to this report.



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