CrowdStrike's AI investment leads to big wins in Q1 fiscal results
The vendor debuted its own AI tool this week alongside a new AWS partnership
CrowdStrike credits its efforts in artificial intelligence leading to improved security outcomes in its first quarter fiscal year 2024 financial results, ended April 30, 2023.
Total revenues reached $692.6m, a 42 per cent spike, compared to $487.8m in the first quarter of fiscal 2023.
Subscription revenue also swelled 42 per cent to $651.2m.
While professional services revenue came in at $41.4m, setting a new record for the 11th consecutive quarter and representing 48 per cent year-over-year growth.
During the quarter, CrowdStrike also saw strength in Europe, the Middle East, and Japan, with international revenue growing 53 per cent year over year.
"CrowdStrike's first quarter results exceeded our guided metrics and reached new financial milestones, delivering the winning combination of growth, profitability and free cash flow at scale," said CrowdStrike president, CEO and co-founder, George Kurtz.
"Our demonstrated leadership in leveraging AI to drive better security outcomes and consolidate security spend strategically positions CrowdStrike to win in our markets."
AI efforts bearing fruit
As alluded to by Kurtz, CrowdStrike attributed several of its most recent endeavours in AI for its revenue bumper.
Just this week the vendor unveiled its generative AI cybersecurity analyst, Charlotte AI, a launch it claims will bridge the tech skills gap.
Also this week CrowdStrike announced it is working with AWS to develop new generative AI applications to help customers accelerate their cloud, security and AI journeys.
These include both cybersecurity-related generative AI applications, as well as cloud-plus-cloud security solutions designed to help customers build and secure their own generative AI applications.
As part of the partnership, CrowdStrike said it is leveraging new generative AI capabilities of Amazon Bedrock, a fully managed service that makes foundation models (FMs) from
leading AI startups and Amazon available via an API, to help customers adopt advanced Falcon Platform search, reporting, and automation.