Shares of CrowdStrike (CRWD 2.03%) charged sharply higher on Wednesday, gaining as much as 22.7% in early trading. As of 10:46 a.m. ET, the stock was still up 14.6%. The catalyst that sent the cloud-based cybersecurity specialist higher was quarterly results that far outpaced expectations.

Blockbuster results

CrowdStrike reported the results for its fiscal 2024 second quarter (ended Jan. 31), and investors were taken aback. Revenue of $845 million grew 33% year over year, driven higher by growing customer size and record big deal volume. This resulted in record profits, with adjusted earnings per share (EPS) of $0.95, up 102%.

For context, analysts' consensus estimates were calling for revenue of $839 million and adjusted EPS of $0.82, so CrowdStrike easily surpassed both metrics.

It wasn't just the top- and bottom-line numbers that caught investors off guard. CrowdStrike reported annual recurring revenue (ARR) -- which measures subscription services growth -- that grew 34% year over year to a record $3.44 billion. This suggests CrowdStrike's growth spurt is far from over.

The company also revealed that deals involving eight or more modules more than doubled year over year, while customers adopting five or more modules grew 64%. Furthermore, existing customers continue to spend more, as evidenced by CrowdStrike's net revenue retention rate of 119%.

Forging its own path

What made the company's blockbuster performance all the more surprising were comments by rival Palo Alto Networks when the company reported its results late last month. CEO Nikesh Arora said the company was beginning to see "spending fatigue in cybersecurity." Those comments had a chilling effect, bringing down a wide swath of cybersecurity stocks. This just goes to show that investors shouldn't rely too heavily on the results of competitors in making investment decisions.

Investors had other reasons to celebrate. For the coming fiscal year, management is guiding for revenue of $3.96 billion and EPS of $3.87 at the midpoint of its guidance. That's well ahead of analysts' consensus estimates, which were calling for revenue of $3.94 billion and EPS of $3.76.

CrowdStrike stock isn't cheap, currently trading for 91 times forward earnings and 16 times sales. However, investors are willing to reward the stock with a premium, given its history of conservative guidance and robust results.

I, for one, believe CrowdStrike is a buy.