Shares of CrowdStrike Holdings (NASDAQ:CRWD) fell in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $0.57, which beat analysts’ consensus estimate of $0.51 per share. Sales increased by 42% year-over-year, with revenue hitting $692.58 million. This beat analysts’ expectations of $676.23 million.
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CrowdStrike’s sector data also looked encouraging. It posted a company record in its non-GAAP subscription gross margin, which came in at 80%. Further, its module adoption rates were 62% for five or more modules, 40% for six or more, and 23% for seven or more. All figures were as of April 30, 2023.
CrowdStrike management also offered guidance for the second quarter and for the full-year 2024 as well. In the second quarter, CrowdStrike expects earnings per share to come in between $0.54 and $0.57 per share. Analysts were looking for $0.54 per share, so that should be a win. Revenue, meanwhile, is projected between $717.2 million and $727.4 million, mostly ahead of analyst projections calling for $718.59 million.
Meanwhile, for the full year, CrowdStrike projects revenue between $3,000.5 million and $3,036.7 million, which in any case, will beat analyst projections of $3 billion even. As for earnings per share, CrowdStrike looks for $0.54 to $0.57, again ahead of the $0.54 analysts expect.
Overall, Wall Street has a consensus price target of $170.59 on CrowdStrike Holdings, implying 6.77% upside potential, as indicated by the graphic above.
