CrowdStrike (NASDAQ:CRWD) stock is falling on Friday despite a positive earnings report from the cybersecurity company.
The first-quarter fiscal 2023 earnings report from CrowdStrike starts with adjusted earnings per share of 31 cents. That beat out Wall Street’s estimate of 23 cents per share for the period. It’s also an improvement over the 10 cents per share reported in the first quarter of fiscal 2022.
Another highlight from the earnings report is revenue of $487.8 million. That’s another beat compared to the $465.2 million that analysts were expecting for the quarter. It also represents a 61% year-over-year increase from the $302.8 million reported in Q1 fiscal 2022.
More positive news from the earnings report comes from CrowdStrike’s outlook for fiscal 2023. It’s expecting adjusted EPS ranging from $1.18 to $1.22 on revenue between $2.19 billion and $2.2 billion. Those are both looking good next to Wall Street’s estimates of $1.10 per share and revenue of $2.15 billion.
Deutsche Bank analyst Patrick Colville provides insight into why CRWD may be down despite its earnings beat. He said the following in a note obtained by Investor’s Business Daily.
“ARR was slightly below our survey of investor expectations. However, revenue growth surprised to the upside by a larger than typical margin, and fiscal 2023 guidance was raised by significantly more than the magnitude of the Q1 beat.”
CRWD stock is down 6.1% as of Friday morning!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.