In the technology sector, cybersecurity is among the fastest-growing areas. CrowdStrike (CRWD), whose shares rose by 23.5% after it posted its earnings report. It issued strong guidance in its report and announced it would acquire Flow Security.
CrowdStrike reported annual recurring revenue (“ARR”) growing by 27% Y/Y. In the upcoming Q1 period, it expects adjusted EPS of 89 to 90 cents a share. For the full year, earnings will top $3.77 to $3.97 a share.
CRWD stock strength is in stark contrast to Palo Alto Networks (PANW). PANW stock fell after posting weak quarterly results.
Hewlett Packard Enterprise (HPE) gained nearly 20% in the last five days. It reported an annualized revenue run rate of $1.4 billion, up by 42% Y/Y. For FY 2024, it will earn $1.82 to $1.92 on a non-GAAP measure.
Meta Platforms (META) stock is steady today after recovering from a global outage at its Facebook and Instagram platforms. The sites were down for two hours due to a technical issue.
In the cryptocurrency market, watch Bitcoin (BTC-USD). It soared to a high of around $69,202, only to drop suddenly by 6.28% to close at $64,050. The wild price changes are nothing new to longtime Bitcoin holders.
Turning to the Asian markets, stock markets might look at China today. The country vowed to transform the economy. It set ambitious growth targets that it is unlikely to achieve. Too many Western firms de-risked their business out of China.
