Cybersecurity outfit CrowdStrike’s annual recurring revenue (ARR) has exceeded $3 billion in its latest financial results for the first time.
Revenue was $786 million, a 35 per cent increase in its third quarter of fiscal year 2024, which ended October 31, 2023.
Non-GAAP net income attributable to CrowdStrike rose to $199.2 million, compared to $96.1 million in the same period last year.
Subscription revenue grew 34 per cent to $733.5 million, while revenues for professional services surged 58 per cent to $52.5 million.
CEO George Kurtz said: “CrowdStrike delivered new milestones across the business this quarter, becoming the fastest pure-play cybersecurity software company to achieve $3bn in ARR… our platform strategy continues gaining momentum.”
CrowdStrike’s switch from product to platform is vital to the endpoint vendor’s business plan. For the fiscal fourth quarter, CrowdStrike provided guidance indicating continued growth.
The company raised its full-year outlook across critical metrics like subscription revenue and ARR.
CFO Burt Podbere said: “Our relentless focus on operational excellence drove record profitability and cash flow while we aggressively invest to achieve our $10bn ARR target.
