CyberArk jumps on strong Q3 results, increased guidance

Udi Mokady CEO CyberArk

The Petah Tikva cybersecurity company's share price was up 9.20% at the opening on Nasdaq to $9.20, giving a market cap of $4.2 billion.

The share price of Israeli cybersecurity company CyberArk Software Inc.(Nasdaq:CYBR) rose strongly on Wall Street today after the Petah Tikva based company reported strong results for the third quarter of 2019.

Revenue in the third quarter of 2019 was $108.1 million, up 28% compared with the third quarter of 2018. GAAP net profit in the third quarter was $15.2 million ($0.39 per share) up from GAAP net profit of $8.1 million ($0.22 per share) in the third quarter of 2018. Non-GAAP net profit in the third quarter of 2019 was $25.6 million ($0.65 per share) up from $17.8 million ($0.48 per share) in the third quarter of 2018.

CyberArk's share price was up 9.20% at the opening on Nasdaq to $9.20, giving a market cap of $4.2 billion.

CyberArk chairman and CEO Udi Mokady said, "Q3 was another strong quarter for CyberArk. "We delivered revenue growth of 28%, a non-GAAP operating margin of 27% and signed 200 new customers. Our results demonstrate our strong execution, leadership position in the market and the robust demand environment for our solutions. Organizations around the world recognize that Privileged Access Management is critical to a successful security program and are leveraging CyberArk to secure access across on-premises, cloud, and hybrid environments as well as the DevOps pipeline."

CyberArk raised its guidance seeing revenue between $429.2 million and $431.2 million for 2019, up 25% to 26% from 2018. The company also sees non-GAAP earnings per share between $2.58 and $2.61. In the fourth quarter, the company sees revenue between $125 million and $127 million, 15% to 16% up over 2018, and non-GAAP earnings per share between $0.78 and $0.82.

Published by Globes, Israel business news - en.globes.co.il - on November 6, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Udi Mokady CEO CyberArk
Udi Mokady CEO CyberArk
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