Crowdstrike claims its winning customers at 'record pace' as it reveals Q2 results
The cybersecurity specialist secured more than 1,700 new subscription customers for the second quarter fiscal year 2023
Crowdstrike is winning over customers at "record pace" as it achieved "new milestones" in its latest financial results.
The cybersecurity specialist secured more than 1,700 new subscription customers for the second quarter fiscal year 2023 - which ended 31 July - as subscription revenue increased 60 per cent year on year.
George Kurtz, CrowdStrike's co-founder and CEO, says more businesses are looking to achieve better protection with less time, fewer resources and lower total cost of ownership.
"As organisations respond to macroeconomic conditions, they are prioritising investments and looking to standardise with a security partner they can trust." he said.
"Our ability to deliver immediate ROI and consolidate the security and IT stack significantly sets us apart from the competition."
Crowdstrike's total revenue during Q2 was $535.2m, a 58 per cent increase year on year.
Annual recurring revenue increased 59 per cent in the same time period to $2.14bn, whilst subscription revenue was $506.2m.
The company also added 1,741 net new subscription customers in the quarter for a total of 19,686 as of 31 July, representing 51 per cent growth.
"CrowdStrike delivered a strong second quarter with new milestones across the business," Kurtz said.
Burt Podbere, CrowdStrike's chief financial officer, added the company is raising its guidance for fiscal year 2023.
It is looking to secure Q3 revenue of between $569-576m and full year FY23 revenue of $2.22-2.23bn which would represent growth of 50 per cent and 53 per cent respectively.
"This reflects our technology advantage and strong industry tailwinds combined with a pragmatic view of current macroeconomic conditions," Podbere said.
"Additionally, we remain committed to delivering increased non-GAAP operating leverage and 30 per cent or more free cash flow margin for the full year."