Cyberark Software Ltd (NASDAQ:CYBR) saw its shares sink on the release of quarterly financial figures.
The company, out of Newton, Mass., revealed first-quarter total revenue of $106.8 million. GAAP operating income was $2.6 million, compared to GAAP net income of $13.7 million, or $0.36 per diluted share, in the first quarter of 2019. Non-GAAP net income was $19.6 million, or $0.50 per diluted share, compared to $21.5 million, or $0.56 per diluted share, in the first quarter of 2019.
As of March 31, 2020, CyberArk had $1.2 billion in cash, cash equivalents, marketable securities and short-term deposits. This compares with $509.7 million in cash, cash equivalents, marketable securities and short-term deposits as of March 31, 2019.
Said CEO Udi Mokady, "We were pleased to deliver results in line with or exceeding all guided metrics for the first quarter. Privileged Access Management (PAM) is even more critical today with attackers exploiting the sudden and dramatic change in enterprise IT created by remote work environments. In this higher threat environment, our level of engagement with customers has increased as they look to better secure their extended enterprise by expanding their PAM programs.
"Given our leadership position in PAM, our team’s extensive experience during prior market downturns as well as our ongoing commitment to innovation and customer satisfaction, we believe that we will emerge from the COVID-19 pandemic stronger than before."
Shares plummeted $6.65, or 6.1%, to $103.09
