CyberArk Software (NASDAQ:CYBR) stock traded lower in early Thursday trading after the cybersecurity software company offered a lower-than-expected revenue forecast for the second quarter.
For Q1, the company delivered a loss per share of $0.17 on revenue of $161.7 million, which compares to the analyst consensus for a loss per share of $0.26 on revenue of $162.47M.
“Our results in the first quarter demonstrate the durability of our business model and the mission criticality of our Identity Security platform,” said Matt Cohen, CyberArk's Chief Executive Officer.
“Given our results in the first quarter and resiliency in demand for our solutions, we are well positioned to deliver strong long- term growth, profitability and cash flow.”
For this quarter, CyberArk Software sees a loss per share ranging from $0.19 to $0.09 on revenue of $172.5M (at the midpoint of the guidance). Analysts were expecting a loss per share of $0.12 on revenue of $175.3M.
For FY23, the company raised the EPS forecast to a range of $0.16-0.38 from the prior range of $0.07-0.28 and above the consensus of $0.16. Revenue is seen at $730M, in-line with expectations of $730.17M.
KeyBanc analysts responded positively to CYBR’s earnings report.