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CrowdStrike’s Stock Rises On Q3 Earnings Beat

CrowdStrike’s (CRWD) shares are up more than 2% after the cybersecurity firm beat analyst expectations for its third quarter financial results and raised its full-year guidance.

The company reported revenue of $786 million U.S. and earnings per share (EPS) of $0.82 U.S. for Q3.

Those results topped Wall Street forecasts of $777 million U.S. in revenue and earnings of $0.74 U.S. a share.

Looking ahead, CrowdStrike raised its outlook for the entire year, saying it now sees revenue of around $3.05 billion U.S. and a profit of $2.95 U.S. to $2.96 U.S. a share.

The company’s annual recurring revenue in Q3 increased 35% from the same period a year earlier to $3.15 billion U.S. Of that, $223.1 million U.S. was new revenue added in the quarter.

CrowdStrike reiterated its goal to reach $10 billion U.S. in annual recurring revenue within the next five to seven years.

The company’s subscription revenue rose 34% in this year’s third quarter to $733.5 million U.S.

The stock of CrowdStrike is up 106% this year and currently trading near its 52-week high of $214.70 U.S. per share.