Rapid7 Inc. ( (RPD) ) has released its Q3 earnings. Here is a breakdown of the information Rapid7 Inc. presented to its investors.
Rapid7 Inc., a prominent company in the cybersecurity industry, is dedicated to enhancing digital safety through advanced risk and threat detection solutions. The company recently released its third-quarter 2024 financial results, showcasing positive momentum and growth in its core business areas, particularly in threat detection and response.
The third-quarter results highlighted an annualized recurring revenue of $823 million, reflecting a 6% increase year-over-year. Total revenue rose to $215 million, marking an 8% growth from the previous year, with product subscriptions contributing significantly to this increase. The company reported a GAAP operating income of $14 million and a non-GAAP operating income of $44 million. Additionally, Rapid7 generated $44 million in net cash from operating activities and achieved a free cash flow of $39 million.
Rapid7’s strategic initiatives include the launch of its Command Platform, enhancing its service offerings with Managed Threat Complete and Vector Command for comprehensive security coverage. The company also received recognition as a leader in the IDC MarketScape for its SIEM solutions tailored for small and medium businesses.
Looking ahead, Rapid7’s management remains confident in sustaining profitable growth, supported by a stronger sales pipeline and continued investment in evolving security solutions. The company anticipates continued revenue growth for the remainder of 2024, driven by its strategic focus on expanding its platform and customer base.
