NEWTON, Mass. & PETACH TIKVA, Israel - CyberArk Software Ltd. (NASDAQ:CYBR) shares jumped by 6% after the identity security company reported second-quarter results that beat expectations and raised its full-year guidance.
CyberArk posted adjusted earnings of $0.54 per share for Q2, surpassing the analyst consensus of $0.40. Revenue rose 28% YoY to $224.7 million, exceeding estimates of $219.07 million.
The company's subscription revenue, a key growth metric, soared 49% YoY to $158.4 million. Total annual recurring revenue (ARR) grew 33% to $868 million.
"We had a strong quarter, posting record revenue and increasing our profitability, resulting in CyberArk again outperforming our guidance across all metrics," said CEO Matt Cohen.
Looking ahead, CyberArk raised its full-year 2024 outlook. The company now expects adjusted EPS of $2.17-$2.36, up from its previous forecast and above the $2.03 consensus. Full-year revenue is projected at $932-942 million, compared to the $936 million analyst estimate.
For Q3, CyberArk anticipates adjusted EPS of $0.38-$0.49 on revenue of $230-236 million.
The strong results and upbeat guidance reflect robust demand for CyberArk's identity security solutions amid the proliferation of digital identities and evolving cyber threats. The company signed 245 new logos in Q2 and saw net new subscription ARR of $56 million.
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