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.