CrowdStrike Stock Skyrockets

Shares Jump 30% After Strong Earnings Report

New York, NY - July 25, 2023 - CrowdStrike Holdings, Inc. (CRWD) shares soared on Monday after the company released its second-quarter earnings report, which beat analyst expectations. The cybersecurity firm reported revenue of $610 million, a 52% increase compared to the same period last year, and adjusted earnings per share of $0.41, well above the consensus estimate of $0.32.

The impressive financial results were driven by strong growth in the company's cloud-based security platform, Falcon. Falcon protects organizations from a wide range of cyber threats, including malware, phishing, and ransomware. CrowdStrike added 1,470 new customers in the quarter, bringing its total customer count to 19,034.

"We are pleased to report another strong quarter with record revenue and profitability," said CrowdStrike CEO George Kurtz. "Our platform continues to resonate with customers who are looking for a comprehensive solution to protect their businesses from cyber threats."

Analysts praised CrowdStrike's performance and raised their price targets for the stock. Morgan Stanley analyst Keith Weiss increased his target to $340, citing the company's "continued momentum in the cloud security market." Goldman Sachs analyst Heather Bellini raised her target to $360, saying that CrowdStrike's "strong execution and innovation pipeline" position it for "continued success."

The stock climbed as high as $315.50 in pre-market trading, a gain of over 30% from its previous close. At the time of writing, CrowdStrike shares were trading around $313, up about 28% on the day.