Last week, Vestact recommended stock CrowdStrike released a good set of quarterly numbers that handily beat analysts' expectations. The Sunnyvale, California-based cybersecurity company grew its earnings per share by 227% to 36 cents, while revenues jumped 58% to $535.2 million. Additions of new corporate subscribers to their security products continue to grow.
The company also raised its revenue guidance for the year to between $2.22 billion and $2.23 billion. Annual recurring revenue growth, a key metric in Crowdstrike's results is still strong at 59%. This means the company is still gaining market share in the cloud security business.
Ransomware attacks are still a major issue for companies and governments. The most recent attacks involve the hijacking of prominent individuals inside corporates, and sending messages that cause havoc. This shouldn't be possible if your company uses a good security tools provider.
CrowdStrike uses machine learning to detect any irregularities in corporate IT systems and maintains a specialised database to find malware on laptops, cellphones, and other devices that access dedicated corporate networks. I like a company that protects classified information from criminals!