CrowdStrike reports second-quarter revenue that beats estimates

(Bloomberg) — CrowdStrike Holdings Inc. reported second-quarter revenue that beat analysts' estimates, suggesting that a global IT outage caused by CrowdStrike Holdings last month had no immediate impact on results.

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Revenue for the quarter ended July was $963.9 million, beating analysts' estimates of $958.18 million.

However, the company forecast full-year revenue of $3.89 billion to $3.9 billion, below analysts' average estimate of $3.96 billion.

Shares fell nearly 4% in late trading, erasing earlier gains.

The report is the company's first since a faulty CrowdStrike update crashed the computers of customers using Microsoft Corp. Windows. The outage, which occurred on July 19, affected a variety of industries, including aviation, banking and healthcare. CEO George Kurtz began his conference call with investors on Wednesday by apologizing for the outage and thanking those who helped with the recovery.

“Our market opportunity remains unchanged and we believe our continued commitment to customers and innovation will further increase adoption of the Falcon platform, protecting our customers from rapidly evolving cyber threats and enabling us to achieve our long-term goals,” said Burt Podbere, CrowdStrike's chief financial officer, in a statement.

Following the crash, the company's shares fell as much as 36% before recovering some of their losses.

The outage followed a steady rise in CrowdStrike, which has become a leading provider of a cybersecurity tool designed to identify and contain threats to computers and other devices. Shares more than doubled in the 12 months before the crash, and Kurtz said the company's consolidated platform gave it a “broad competitive advantage.”

In June, CrowdStrike beat Wall Street expectations when it reported first-quarter earnings, even as some competitors struggled.

(Updated with additional information in the fifth paragraph. An earlier version of this story corrected the amount CrowdStrike shares fell after the outage.)

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