The share price of Israeli cybersecurity company CyberArk (Nasdaq: CYBR) fell back 2.89% on Friday after soaring 20.5% on Wall Street on Thursday when the company reported excellent results for the fourth quarter and 2018 as a whole. CyberArk presented strong growth in revenue from licenses and services, outperforming forecasts by analysts in the market.
CyberArk recorded $109.1 million in revenue in the fourth quarter, 36% more than in the fourth quarter of 2017 and far in excess of the $95.94 million predicted by the analysts. Revenue from software licenses climbed 38% to $66.8 million, while revenue from maintenance services was up 33% to $42.3 million. The company's revenue in 2018 totaled $343.2 million, 31% more than in 2017.
CyberArk's operating profit reached $27.5 million in the fourth quarter, compared with $11.6 million in the corresponding quarter in 2017. Adjusted non-GAAP net profit amounted to $0.89 per share, far greater than the market's expectations of $0.59 per share.
CyberArk's revenue guidance for the first quarter of 2019 is $91-93 million, 27-30% more than in the corresponding quarter last year and above the market's $87 million forecast. The company's guidance cites a first quarter net profit of $0.39-0.42 per share, while the market predicted only $0.30 per share.
CyberArk's revenue guidance for 2019 as a whole is $411-415 million, 20-21% more than in 2018 and higher than the market's $393 million prediction. The company's profit guidance for 2019 is $1.94-2 per share, compared with the market's $1.94 per share forecast.
The company has a market cap of $3.644 billion.
Published by Globes, Israel business news - en.globes.co.il - on February 17, 2019
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