Growing cyberattacks have increased demand for cybersecurity services.
In response to growing online cyber threats, CrowdStrike Holdings predicted on Tuesday that its fourth-quarter revenue would surpass Wall Street projections. This demand is being driven by the company’s cybersecurity offerings.
Demand for cybersecurity services has increased as a result of growing ransomware attacks, hacking incidents, and cyber threats. Businesses are trying to protect themselves against hackers who steal confidential information.
Strong safety measures are imperative, as demonstrated by the well-publicized hacks at gaming giants MGM Resorts International, Caesars Entertainment, and the cleaning products manufacturer Clorox.
According to LSEG data, Austin, Texas-based CrowdStrike anticipates revenue for the current quarter of between $836.6 million and $840.0 million, the midpoint of which is higher than analysts’ projections of $836.7 million.
The company reported revenue of $786.0 million for the third quarter that ended on October 31, exceeding analysts’ projections of $777.1 million. It exceeded estimates of 74 cents per share, with an adjusted profit per share of 82 cents.
The third quarter’s adjusted net income attributable to CrowdStrike increased to $199.2 million from $96.1 million in the same period last year.
From an earlier estimate of between $3,030.7 million and $3,042.9 million, CrowdStrike increased its annual revenue outlook to a range of $3,046.8 million to $3,050.2 million.
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