CyberArk jumps as Q2 tops expectations; ups guidance

CyberArk Software (NASDAQ:CYBR) shares rose 7.7% in early trading on Thursday after the cybersecurity company reported second-quarter results that topped expectations and raised its full-year guidance.

For the period ending June 30, earned an adjusted $0.54 per share as revenue surged 27.8% year-over-year to $224.7M. Included in that was a 49% jump in subscription revenue, which came in at $158.4M for the period.

Maintenance and professional services revenue slipped to $62.7M in the period, down from $64.6M in the year ago quarter. Perpetual license revenue was $3.6M in the quarter, down from $5.1M in the year-ago quarter.

Analysts had expected the company to earn $0.40 per share on an adjusted basis and $219.2M in revenue.

In conjunction with the second-quarter results, CyberArk, which competes with companies like Okta (OKTA), Microsoft (MSFT) and others, said it now expects full-year revenue to be between $932M and $942M, with the mid-point of $937M above the $934.75M consensus estimate.

Full-year earnings are expected to be between $2.17 and $2.36 per share on an adjusted basis, with the mid-point above the consensus estimate of $2.03 per share.

CyberArk previously saw full-year earnings between $1.88 and $2.07 per share, along with sales between $928M and $938M.

Adjusted free cash flow for the full-year is forecast to be within a range of $145M to $150M.

For the third-quarter, CyberArk expects sales to be between $230M and $236M, with the mid-point of $233M above the $232.67M estimate.

Adjusted earnings per share are forecast to be between $0.38 and $0.49 per share, with the midpoint also above the $0.38 consensus estimate.