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CrowdStrike Holdings Inc. shares fell in the extended session Wednesday after the cybersecurity company’s forecast failed to wow Wall Street.
CrowdStrike shares
CRWD,
dropped nearly 12% after hours, following a 1% rise in the regular session to close at $160.13. The software company’s executives forecast adjusted fiscal second-quarter earnings of 54 cents to 57 cents a share on revenue of $717.2 million to $727.4 million, while analysts forecast earnings of 55 cents a share on revenue of $718.6 million, according to analysts surveyed by FactSet.
For the year, the company forecast an adjusted-earnings range of $2.32 to $2.43 a share on revenue of $3 billion to $3.04 billion. Wall Street analysts on average expected $2.33 a share on revenue of $3 billion, according to FactSet.
CrowdStrike reported fiscal first-quarter net income of $491,000, or less than a penny a share, compared with a loss of $31.5 million, or 14 cents a share, in the year-ago period. Adjusted net income, which excludes stock-based compensation and other items, was 57 cents a share, compared with 31 cents a share in the year-ago period. Revenue rose to $692.6 million from $487.8 million in the year-ago quarter.
Analysts expected CrowdStrike to report earnings of 51 cents a share on revenue of $677.4 million, based on the company’s outlook of 50 cents to 51 cents a share on revenue of $674.9 million to $678.2 million.
Annual recurring revenue, or ARR, a software-as-a-service metric that shows how much revenue the company can expect based on subscriptions, grew 42% to $2.73 billion from the year-ago quarter.
As of Wednesday’s close, CrowdStrike’s stock is up 52% year to date, compared with a 9% rise by the S&P 500 index
SPX,
and a 24% gain for the tech-heavy Nasdaq Composite Index
COMP,
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