Cellebrite (CLBT +8.72%) stock is soaring in Thursday's trading. The company's share price had risen 22.7% as of 12:30 a.m. ET on the back of strong earnings results.
Cellebrite published its third-quarter results after yesterday's market close, delivering sales and earnings for the period that topped expectations. The company also issued strong forward guidance.
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Cellebrite stock jumps on Q3 beats
Cellebrite reported non-GAAP (generally accepted accounting principles) adjusted earnings per share of $0.01 on revenue of $126.03 million in the third quarter. The company's per-share profit beat the average analyst target by $0.01, and sales in the period beat the average Wall Street forecast by roughly $3 million. The business's sales were up nearly 18% year over year in the period, and sales from its subscription service improved by 21% compared to last year's quarter.
NASDAQ: CLBT
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What's next for Cellebrite?
On the heels of its strong Q3 performance, Cellebrite raised some of its full-year performance targets. The company now expects full-year sales to be between $470 million and $475 million -- up from its previous target for revenue between $460 million and $475 million. Management also raised its target for annualized recurring revenue (ARR) to between $460 million and $475 million -- up from its previous forecast for ARR between $435 million and $445 million. Notably, the new forecasts due not include potential contributions from the company's pending acquisition of Corellium.
Cellebrite saw some significant wins among customers in its U.S. Federal segment, and it anticipates renewed growth in the category next year. The company also sees significant room for portfolio expansion and growth among private-sector customers in conjunction with the expected closing of its acquisition of Corellium in the current quarter.
