Why CrowdStrike Stock Rocketed Higher on Wednesday Morning
Shares of CrowdStrike (NASDAQ: CRWD) charged sharply higher on Wednesday, gaining as much as 22.7% in early trading. As of 10:46 a.m. ET, the stock was still up 14.6%. The catalyst that sent the cloud-based cybersecurity specialist higher was quarterly results that far outpaced expectations.
CrowdStrike reported the results for its fiscal 2024 second quarter (ended Jan. 31), and investors were taken aback. Revenue of $845 million grew 33% year over year, driven higher by growing customer size and record big deal volume. This resulted in record profits, with adjusted earnings per share (EPS) of $0.95, up 102%.
For context, analysts' consensus estimates were calling for revenue of $839 million and adjusted EPS of $0.82, so CrowdStrike easily surpassed both metrics.
Source Fool.com
CrowdStrike Holdings Inc Stock
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