What happened
Shares of CrowdStrike (CRWD +1.33%) jumped 12.5% on Thursday after the cloud security leader reported financial results that exceeded investors' expectations.
NASDAQ: CRWD
Key Data Points
So what
CrowdStrike's revenue soared 63% year over year to $431 million in its fiscal 2022 fourth quarter, which ended on Jan. 31.
Businesses are flocking to the cybersecurity platform. CrowdStrike ended the quarter with a total of 16,325 subscription customers. That was up 65% compared to the prior-year period.
Moreover, existing clients are expanding their relationships with CrowdStrike. Those subscribing to four, five, or six or more modules rose to 69%, 57%, and 34%, respectively.
"Customers are increasingly leveraging the breadth and depth of the Falcon platform as they look to transform their security stack," CEO George Kurtz said in a press release.
Image source: Getty Images.
Although CrowdStrike is not yet profitable on a GAAP basis, its adjusted net income more than doubled to $70.4 million, or $0.30 per share. That was well above Wall Street's estimates, which had called for adjusted earnings per share of $0.20.
Better still, CrowdStrike's cash generation grew even more impressively. Its operating and free cash flow climbed 61% and 51%, respectively, to $574.8 million and $441.8 million, in fiscal 2022.
Now what
Management projects that full-year revenue will grow roughly 48% to $2.15 billion in fiscal 2023. The company also expects its adjusted earnings per share to increase by approximately 61% at the midpoint of its guidance range, to $1.08.
"Our durable platform model and powerful innovation engine have translated into a truly differentiated offering in the market and strong momentum heading into fiscal year 2023," chief financial officer Burt Podbere said.
