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Why CyberArk Stock Tanked today

TheMotleyFool

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Why CyberArk Stock Tanked todayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, sunset photo at golden hour, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/8b396c5d-cf01-4937-89c4-91ad2f28f1ee.png

Shares of CyberArk Software (NASDAQ: CYBR) have tanked today, down by 13% as of 12:20 p.m. EDT, after the company reported first-quarter earnings. The cybersecurity specialist also said it has acquired Idaptive to strengthen its access management offerings.

Revenue in the first quarter was $106.8 million, which topped the consensus estimate of $105.6 million in sales. That translated into adjusted net income of $19.6 million, or $0.50 per share, also beating Wall Street's expectation of $0.36 per share in adjusted profits. CyberArk finished Q1 with $1.2 billion in cash on the balance sheet.

Image source: Getty Images.

Source Fool.com

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