IT security company CyberArk Software Inc.(Nasdaq:CYBR), founded and managed by chairman and CEO Udi Mokady, today reported its third quarter results. Company revenue totaled $55 million, up 37%, compared with the corresponding quarter last year, and $3 million more than predicted by the analysts. CyberArk provides security solutions by monitoring and neutralizing preferred accounts in an organizational system.
CyberArk's GAAP net profit in the third quarter was $7.1 million, $0.20 per share, 4.4% more than in the third quarter of 2015. Non-GAAP net profit rose 28.2% to $11.8 million, $0.33 per share, 44% more than the analysts' expectations.
The CyberArk share price has dropped 10% over the past year, but is still 50% higher than in the company's IPO just over two years ago. The Petah Tikva-based company's market cap is $1.5 billion, and it had $274 million in cash as of the end of the third quarter.
CyberArk management expects $62-63 million in revenue in the current (fourth) quarter, 20-22% more than in the corresponding quarter last year, and a non-GAAP net profit of $0.31-0.33 per share. Revenue for 2016 as a whole is projected to reach $214.3-215.3 million, with a profit of $1.16-1.18 per share. Mokady said, "The results show that all types of organizations are selecting our solutions for protecting their assets on local servers and in the cloud. The investments we are making are reinforcing the company's leading status in the preferred accounts segment."
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2016
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