CrowdStrike’s share price has soared after it doubled its first quarter revenue.
The cybersecurity outfit saw sales rise 103 per cent to $96.1 million during the period ending 30 April 2019. Losses narrowed to $25.8 million.
CrowdStrike added that recurring revenue grew faster than overall sales, climbing 116 percent to $86 million.
CrowdStrike CEO George Kurtz said the vendor is continuing to displace “fossilised” traditional antivirus vendors.
“Any of the legacy vendors we continue to take share from, and I think it’s a recognition of customers that are trying to transition to a true cloud architecture”, he said.
“I think it’s just a recognition that traditional legacy players are not really capable of dealing with advanced threats. Customers are looking for something different, more prudently in a cloud-based architecture to match their needs as they migrate other technologies into the cloud.”
Kurtz said that CrowdStrike is now looking to target customers outside of its typical enterprise space “including smaller organisations as well as acquiring customers in the federal government vertical”.
He added that the vendor is also broadening its scope by focusing not just on end-points, but on servers, virtualised and cloud environments, IoT devices and containers.
CrowdStrike’s results impressed investors, with its share price rocketing over 17 percent when the NASDAQ market opened, giving it a valuation of $16.7 billion.
