2023-08-10 07:36:38 ET
Strong second-quarter results and guidance from CyberArk Software ( NASDAQ: CYBR ) led cybersecurity stocks higher on Thursday, as the Newton, Massachusetts-based company predicted strong growth for the rest of the year.
CyberArk ( CYBR ) raised its full-year annual recurring revenue guidance to be between $743M and $753M, up from an initial range of $735M to $745M, based new identities, new environments and new threats.
Full-year revenue is expected to be within a range of $726M to $736M, with the mid-point above the $730.45M estimate. It also expects to earn between 44 and 63 cents per share on an adjusted basis, above the 29 cent-per-share estimate.
"The explosion of new identities, new environments and new attack methods has rapidly expanded the attack surface, creating an acute need for organizations to secure all identities, humans and machines," CEO Matt Cohen, said in a statement .
"Today, organizations are turning to CyberArk to address their most pressing cybersecurity challenges. We have a tremendous opportunity in front of us and are executing our strategy."
For the third-quarter, CyberArk ( CYBR ) said it expects total revenue to be between $181.5M and $186.5M, up between 19% and 22% year-over-year.
During the second-quarter, the company earned 3 cents per share, excluding one-time items, as revenue rose 23.5% year-over-year to $175.8M. Analysts were expecting a loss of 13 cents per share and sales of $173.54M.
CyberArk ( CYBR ) shares rose 5.3% in pre-market trading on back of the results, while other cybersecurity stocks also moved higher, including Fortinet ( FTNT ), Palo Alto Networks ( PANW ), Zscaler ( ZS ) and CrowdStrike Holdings ( CRWD ).
CyberArk ( CYBR ) will host a conference call at 8:30 a.m. EST to discuss the results.
More on CyberArk
- Baird sees CyberArk beating estimates on 'positive' platform checks
- CyberArk, Tenable among top security stocks heading into Q2: Barclays
- CyberArk: PAM Leader
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CyberArk Software's strong Q2 results, guidance lead cybersecurity stocks higher