What happened

Shares of cloud-native cybersecurity company CrowdStrike (CRWD -0.12%) were pummeled on Thursday. The stock was down about 10% as of noon EDT.

The stock's decline came after the company's fiscal second-quarter earnings release. Though the cybersecurity specialist's results beat analysts' expectations, they didn't quite justify the growth stock's big move higher leading up to the earnings release.

A chalkboard sketch of a chart showing a stock price falling

Image source: Getty Images.

So what

CrowdStrike's second-quarter revenue rose 84% year over year to $199 million, fueled by an 89% jump in subscription revenue. Subscription revenue for the period was $184.3 million. Non-GAAP (adjusted) earnings per share came in at $0.03, up from a loss of $0.18 in the year-ago period. Analysts, on average, were expecting revenue of $188.6 million and an adjusted loss per share of $0.01. 

Investors may have been hoping for bigger outperformance over analyst estimates, particularly after Zoom Video Communications obliterated analysts' estimates on Monday, setting the bar high for tech growth stocks.

The stock may have also been due for a breather. In the 30 days leading up to CrowdStrike's earnings report, the stock had risen more than 25%.

Now what

With 84% revenue growth during fiscal Q2, the company's momentum remains impressive. Management is unsurprisingly optimistic. Reflecting management's bullish view for the company, CrowdStrike boosted its full-year revenue guidance. Management now expects full-year fiscal 2021 revenue to be between $809.1 million and $826.7 million. Management was previously guiding for fiscal 2021 revenue between $761.2 million and $772.6 million.