Photo Credit: Gerd Altmann / Pixabay

The Global Cloud Security Market is estimated to grow at 14% CAGR to $67.6 billion by 2026 from $34.8 billion in 2021. Cloud security services provider Qualys (Nasdaq: QLYS) recently announced its quarterly results that continued to surpass market expectations.

Qualys’s Financials

For the third quarter, Qualys’s revenues grew 13% to $104.93 million, surpassing the market’s estimates by 0.77%. Net income of $34.2 million was better than net income of $31.4 million a year ago. Non-GAAP EPS was $0.86, ahead of the market’s estimates of $0.79.

For the fourth quarter, Qualys forecast revenues of $108.1-$108.7 million, with adjusted earnings of $0.47-$0.49 a share. The market was looking for revenues of $106.19 million and an EPS of $0.73 for the fourth quarter. Qualys expects to end the year with revenues of $409.5-$410.1 million and an EPS at $1.70-$1.72. The market was looking for revenues of $406.77 million and an EPS of $3.05 for the year.

Qualys’s Product Expansion

Recently, Qualys announced its partnership with TD SYNNEX. TD SYNNEX, a global distributor and solutions aggregator for the IT ecosystem, is focused on providing IT products, services, and solutions from over 1,500 technology vendors. Its edge-to-cloud portfolio is anchored in high-growth technology segments including cloud, cybersecurity, big data/analytics, IoT, mobility, and everything as a service. The partnership will expand TD SYNNEX’s cybersecurity portfolio, providing its customers with the Qualys Cloud Platform and its Cloud Agent that helps organizations with streamlining and consolidating their security and compliance solutions into one platform. The apps include Qualys’ Vulnerability Management, Detection, and Response (VMDR) that combine discovery, assessment, detection, and response into a single solution. Customers will also have access to Qualys Patch Management to help with proactively patching prioritized vulnerabilities.

It also announced the availability of its Ransomware Risk Assessment Service, giving companies visibility into their ransomware exposure, and automating patching and configuration changes meant to reduce risk immediately. According to a recent report by the FBI, ransomware attacks grew 62% for the period ending July this year. Qualys vulnerability and threat researchers analyzed ransomware attacks over the last five years to identify some of the most common ransomware threat actors. Leveraging this research, Qualys developed the Ransomware Risk Assessment Service, to help organizations proactively identify, prioritize, track, and remediate assets that are vulnerable to ransomware attacks.

Qualys’s stock is currently trading at $127.64 with a market capitalization of $4.95 billion. It touched a 52-week high of $148.84 in January and a 52-week low of $90.26 in March.