Cybersecurity company CrowdStrike is off to a running start as a public company, reporting fiscal first-quarter results that underscore investors’ enthusiasm for SaaS companies and subscription revenue, as well as their patience as these fledgling businesses grow.
CrowdStrike, founded in 2011, is still investing heavily to expand its business. For its fiscal first quarter ended April 30, CrowdStrike reported a net loss of $26 million, or 55 cents a share. That was down from $33.6 million and 77 cents a share in the same quarter last year. Revenue more than doubled to $96 million. Shares of CrowdStrike rose 11% after the report.
In the wake of its IPO last month, CrowdStrike is on track to establish itself in the cybersecurity market along with older public companies like Symantec, Check Point, and Fortinet.