CrowdStrike Holdings Inc CRWD shares are plunging in Tuesday’s after-hours session. Although the cybersecurity company turned in better-than-expected financial results and issued strong earnings guidance, it also warned of “increased macroeconomic headwinds.”
What Happened: CrowdStrike said third-quarter revenue jumped 53% year-over-year to $581 million, which beat average analyst estimates of $573.82 million, according to Benzinga Pro. The cybersecurity firm reported ARR of $2.34 billion, up 54% year-over-year.
CrowdStrike reported quarterly adjusted earnings of 40 cents per share, which beat estimates of 31 cents per share.
“Total net new ARR was below our expectations as increased macroeconomic headwinds elongated sales cycles with smaller customers and caused some larger customers to pursue multi-phase subscription start dates, which delays ARR recognition until future quarters,” said Geroge Kurtz, co-founder and CEO of CrowdStrike.
CrowdStrike sees fourth-quarter revenue between $619.1 million and $628.2 million versus estimates of $632.84 million. The company expects fourth-quarter earnings to be between 42 cents and 45 cents per share versus estimates of 34 cents per share.
Full-year revenue is expected to be between $2.223 billion and $2.232 billion versus estimates of $2.23 billion. CrowdStrike said full-year earnings are expected to be in a range of $1.49 to $1.52 per share versus estimates of $1.32 per share.
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CRWD Price Action: CrowdStrike has a 52-week high of $242. it’s making new 52-week lows in Tuesday’s after-hours session.
The stock was down 18.6% at $112.32 at time of publication, according to Benzinga Pro.
Photo: courtesy of CrowdStrike.
Image and article originally from www.benzinga.com. Read the original article here.