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According to a recent report, the global cloud security market is expected to grow from $40.8 billion in 2021 to $77.5 billion by 2026 at a 13.7% CAGR. Cloud services security provider Qualys (Nasdaq: QLYS) announced its second-quarter results recently that managed to surpass market expectations.

Qualys’s Financials

For the second quarter of the year, Qualys’s revenues grew 20% to $119.9 million, surpassing the market’s estimates by 2.01%. GAAP net income grew 26% to $26.6 million. Non-GAAP EPS was $0.89 compared with the market’s estimates of $0.80.

For the third quarter, Qualys forecast revenues of $124.5-$125.1 million and non-GAAP earnings of $0.85-$0.87 a share. The market was looking for revenues of $124.66 million and an EPS of $0.742 for the quarter. Qualys expects to end the year with revenues of $488-$489.5 million and EPS of $3.50-$3.55. The market was looking for revenues of $485.91 million and an EPS of $3.15 for the year.

Qualys’s Product Expansion

Recently, Qualys announced the launch of Qualys Vulnerability Management, Detection, and Response (VMDR) 2.0. The new solution provides unprecedented insights into an organization’s unique risk posture in addition to the ability to use drag and drop workflows to orchestrate responses. Qualys VMDR with TruRisk offers risk-based vulnerability management for unprecedented insights into an organization’s unique risk posture to prioritize its most critical vulnerabilities across hybrid environments. The solution helps security and IT teams increase efficiency and save time by providing shared context and the ability to create drag and drop workflows, automating time-consuming vulnerability management operational processes including vulnerability assessment of ephemeral cloud assets, alerting, and prioritization. Since the launch of the service, Qualys has seen steady adoption of the VMDR solution. It has already been deployed by 43% of its customers worldwide.

Meanwhile, Qualys continues to execute on its go-to-market agenda well by leveraging its evolving partner ecosystem. In May this year, the company launched a new partner program. The enhanced channel and integration partner program improved upon the structured benefit and protection programs for partners who identify new opportunities. It also offers them technical certifications and opportunities to deliver value through professional and consulting services. Qualys’s partners include MSSPs, MSPs, VARs, distribution partners, and vendors throughout the cyber security industry. It believes that a partner program is critical to creating and distributing meaningful integrations, reducing risk, and accelerating market adoption. Since the launch of the enhanced program, it has signed up two new large regional MSS partners in Europe and North America to further expand their ability to deliver managed cyber security services. It is also seeing an increase in new customer deal registrations by its partners.

Qualys’s stock is currently trading at $156.41 with a market capitalization of $6.0 billion. It hit a 52-week high of $157.54 earlier this month and a 52-week low of $106.48 in October last year.

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