CrowdStrike (NASDAQ:CRWD) reported first-quarter earnings results for its fiscal 2024 year Wednesday, beating consensus estimates on the top and bottom lines but sending shares down more than 11% after hours on slowing revenue growth.
Earnings per share proved to be 57 cents vs. 51 cents expected. Revenue was $692.6 million, vs. $676.4 million expected.
The 42% year-over-year revenue increase was slower than the 61% growth it reported in the year-ago quarter. CrowdStrike swung to a profit of $500,000, or breakeven per share, compared with a loss of $31.5 million, or 14 cents a share, a year ago.
The company offered current quarter guidance of $717.2 million to $727.4 million, compared with a consensus range of $698 million to $742 million.
“We exceeded our guidance across both top- and bottom-line metrics,” CEO George Kurtz said on a call with investors, noting CrowdStrike was “reaching GAAP profitability so early into our life as a public company.” CrowdStrike first began trading on the NASDAQ in June 2019.
Chief Financial Officer Burt Podbere noted CrowdStrike’s slowed hiring contributed to the company’s profitability. He indicated it was unclear whether that profitability could be sustained as hiring picked up.
Annual recurring revenue was $2.73 billion for the quarter, a year-over-year increase of 42%. Net new ARR was $174.2 million for the quarter, down from $190.5 million in the year-ago quarter.
CRWD shares cratered $6.65, or 4.2%, to $153.48.
