CrowdStrike eyes strong annual revenue

CrowdStrike
has
forecast
fiscal
year
2024
revenue
to
come
in
above
market
estimates,
the
latest
sign
that
spending
on
cyber
security
products
was
holding
up
in
a
turbulent
economy.

While
tech
budgets
have
shrunk
this
year
in
the
face
of
rising
interest
rates
and
decades-high
inflation,
a
series
of
high-profile
hacks
and
the
rising
digital
presence
of
companies
and
governments
has
ensured
demand
for
cyber
security
services.

Rival
Palo
Alto
Networks
raised
its
annual
profit
forecast
last
month
and
beat
estimates
for
quarterly
earnings,
saying
it
expects
cyber
security
demand
to
be
resilient.

For
the
fourth
quarter
ended
January
31,
CrowdStrike’s
revenue
rose
48
percent
to
US$637
million
(A$967)
compared
with
a
year
earlier.

Analysts
on
average
had
expected
US$624.9
million.

CrowdStrike’s
net
loss
for
the
fourth
quarter
widened
to
US$47.5
million
from $42
million
a
year
earlier.

The
company
said
it
expects
fiscal
year
2024
revenue
between
US$2.96
billion
and
US$3.02
billion,
compared
with
analysts’
estimates
of
US$2.96
billion,
according
to
Refinitiv
data.

About Author

AndyC

Andy Curtis is an award-winning security consultant, researcher and public speaker. He has been working in the computer security industry since the early 1990s, having been employed by state and federal government, leading healthcare and banking providers across three continents. He has given talks about computer security for some of the world’s largest companies, worked with law enforcement agencies on investigations into hacking groups, and is a regular voice on TV and radio explaining IT security threats.

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