Why CrowdStrike Stock Was Up Today
Shares of cloud-based cybersecurity specialist CrowdStrike Holdings (NASDAQ: CRWD) were up on Wednesday after the company reported financial results for the fourth quarter of its fiscal 2023. As of noon ET, CrowdStrike stock was up about 3.5%, but it had been up as much as 8% earlier in the trading session.
In Q4, CrowdStrike generated revenue of $637 million, up 48% year over year and well ahead of management's guidance of $619.1 million to $628.2 million. Encouragingly, the company was able to add nearly 1,900 net new customers during the quarter, boosting its customer count nearly 9% quarter over quarter.
The majority of CrowdStrike's revenue is subscription-based, making annual recurring revenue (ARR) an important metric to monitor. In Q4, the company added $222 million in net ARR -- its highest for a single quarter -- bringing its ARR total to $2.56 billion.
Source Fool.com
