As more and more people access organization networks through their own devices and through remote locations due to the pandemic conditions, the need for endpoint security has increased. According to a recent report, the global endpoint security market is estimated to grow at CAGR 7% from $13.77 billion in 2020 to $23 billion by 2027. CrowdStrike (Nasdaq: CRWD) recently reported its quarterly results that continue to outpace market expectations.

CrowdStrike’s Financials

For the first quarter, revenues grew an impressive 70% to $302.8 million, ahead of the Street’s forecast of $291.77 million. Non GAAP EPS was $0.10, compared with the market’s forecast of an EPS of $0.06.

Subscription revenues grew 73% to $281.2 million, and Professional services grew 36% to $21.6 million.

Annual Recurring Revenue (ARR) increased 74% to $1.19 billion, of which $143.8 million was net new ARR added in the quarter.

Among key metrics, it added 1,524 net new subscription customers to end with 11,420 subscription customers as of the end of April. Its subscription customers that have adopted four or more cloud modules increased to 64% and those who have adopted five or more cloud modules increased to 50%.

For the current quarter, CrowdStrike expects revenue of $318.3-$324.4 million with an adjusted net income per share of $0.07-$0.09. It expects to end the year with revenues of $1.347-$1.365.7 billion and a net income of $0.35-$0.41 per share. Analysts estimate revenues of $323.13 million for the quarter with a net income of $0.09 per share and revenues of $1.36 billion for the year with a net income of $0.39 per share.

CrowdStrike’s Expanding Products

Recently, CrowdStrike announced the launch of its partner applications in its CrowdStrike Store, allowing customers to discover and buy security and IT applications. The integrations available on the store include Rapid7’s InsightIDR (SIEM) that leverages insights from Rapid7’s global services and threat intelligence network to unlock endpoint and workload visibility; Siemplify’s Security Operation Platform (SOAR) that provides a holistic workbench to make security operations smarter, more efficient and more effective; ExtraHop Reveal(x) 360 (NDR) that uses threat intelligence telemetry from Falcon to enrich and contextualize its AI-based behavioral detections; and VirusTotal’s threat intelligence that integrates with CrowdStrike Falcon to allow cybersecurity teams to quickly search for and identify files or URLs relevant to an investigation.

It also announced the expansion of its partnership with EY. The expansion will allow joint offerings including Ransomware Readiness and Resilience, Incident Response, Recovery and Remediation, and the acceleration of Zero Trust capabilities. The partnership will also integrate cybersecurity operations and risk management, assisting aid enterprises throughout the world, as well as bolstering business resiliency. The tie-up will help CrowdStrike expand its presence outside the US. Recently, the alliance expanded into Australia, Belgium, Brazil, Canada, and Italy.

CrowdStrike’s products continue to be ranked high in the market. A recent Forrester report and the latest Gartner Magic Quadrant on endpoint security ranked CrowdStrike a leader in the market. CrowdStrike is recognized for its ability to adapt to shifts in attack patterns and tactics early and its capability to serve a highly targeted customer base. But competition in the space is tough with names like Microsoft, McAfee, and Trend Micro offering similar high-quality products.

Its stock is currently trading at $254.23 with a market capitalization of $57.4 billion. It had climbed to a 52-week high of $269.89 earlier this month. The stock hit a 52-week low of $93.37 in July last year.