According to a recent report, the global endpoint security market is projected to grow from $13.99 billion in 2021 to $24.58 billion in 2028 at 8% CAGR. The recent Russia-Ukraine war has also heightened the scare of cyber-attacks globally. Endpoint security players like CrowdStrike (Nasdaq: CRWD) are expanding their offerings and partnerships to help organizations manage this growing risk.

CrowdStrike’s Financials

Last month, CrowdStrike reported its fourth-quarter results that surpassed market expectations. Revenues grew an impressive 63% over the year to $431 million, ahead of the Street’s forecast of $412.3 million. Non-GAAP net income was $70.4 million or $0.30 per share, compared with the market’s forecast of an EPS of $0.20.

Subscription revenues grew 66% to $405.44 million. Professional services for the quarter grew from $20.3 million last year to $25.6 million.

Annual Recurring Revenue (ARR) increased 65% to $1.73 billion, of which $216.9 million was net new ARR added in the quarter.

Among key metrics, it added 1,638 net new subscription customers to end with 16,325 subscription customers. Its subscription customers that have adopted four or more cloud modules increased to 69% and those who have adopted five or more cloud modules increased to over 57%.

For the fiscal year, CrowdStrike’s revenues grew 66% to $1.45 billion, and non-GAAP income was $160.7 million or $0.67 per share.

For the first quarter, CrowdStrike expects revenue of $458.9-$465.4 million and an adjusted net income per share of $0.22-$0.24. It expects to end the year with revenues of $2.133-$2.163 billion and a net income of $1.03-$1.13 per share. Analysts were forecasting revenues of $463.12 million and a net income of $0.23 per share for the quarter and revenues of $2.15 billion with a net income of $1.09 per share for the year.

CrowdStrike’s Expanding Products

Recently, CrowdStrike announced its partnership with Cloudflare. The partnership will integrate its Zero Trust platform with CrowdStrike’s Falcon Zero Trust Assessment (ZTA), providing customers with the tools necessary to give employees secure access to applications wherever they are working. With the integration, both companies are able to combine world-class technologies and provide joint customers with Zero Trust capabilities. It also announced a partnership with Mandiant that will help customers with investigating, remediating, and defending against sophisticated cybersecurity events that globally plague organizations. Mandiant will utilize CrowdStrike’s Falcon platform and subscription offerings for its incident response (IR) services and proactive consulting engagements for joint customers.

Earlier this year, the Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Agency (CISA) issued a ‘Shields Up’ advisory to urge all businesses in the U.S. to step up their security posture to prepare for expected cyberattacks from Russia in retaliation of the sanctions imposed upon it due to the Ukraine attack. To help organizations manage this increased risk, CrowdStrike joined hands with Cloudflare and Ping Identity in March to work together on a new Critical Infrastructure Defense Project.

The project will help provide free cybersecurity services to vulnerable industries. It has been designed to strengthen the defenses against key areas of enterprise risk and will allow eligible organizations to have access to the full suite of Cloudflare Zero Trust solutions, endpoint protection, and intelligence services from CrowdStrike, and Zero Trust identity solutions from Ping Identity. It is being worked upon in collaboration with key partners across the public sector, and will also provide a simple roadmap that organizations in any industry will be able to implement to step up their security measures.

CrowdStrike’s stock is currently trading at $213.89 with a market capitalization of $49.4 billion. It had climbed to a year high of $298.48 in November last year. The stock has recovered from the year low of $150.02 it had fallen to in January.