Investors have been bullish on the growth prospects of CyberArk, which is one of the leading players in cybersecurity solutions for large corporations. After experiencing a dip earlier in the year, the stock got a boost in November after the company reported better-than-expected earnings results.
Here is a rundown of the highlights from the quarter:
- Revenue increased by 28% year over year to reach $108.1 million for the quarter.
- License revenue increased by 25% year over year to $57.9 million.
- Maintenance and professional services revenue increased by 30% year over year to $50.2 million.
- Non-GAAP earnings per share came in at $0.65 for the quarter, beating estimates of $0.47 per share.
The solid growth rates across the business demonstrate that CyberArk can hold its own in a highly competitive industry. In a statement, CEO Udi Mokady said, "Our results demonstrate our strong execution, leadership position in the market and the robust demand environment for our solutions."
CyberArk expects full-year revenue to grow 25% to 26% year over year, with adjusted earnings in the range of $2.58 to $2.61.
Mokady's comments during the third-quarter conference call suggest that CyberArk can maintain this growth heading into 2020. Here is what he said:
Overall, we continue to benefit from strong secular trends. It is estimated that two-thirds of Global 2000 CEOs are not only adopting digital transformation, they're centering their corporate strategies on building software-driven businesses.
CyberArk is certainly getting its share. It picked up 200 new corporations in the quarter, bringing its customer count to more than 5,000. It now serves more than half of Fortune 500 companies.