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The share price of CrowdStrike falls nearly 20% as a prolonged sales cycle slows new subscriptions.

2022/11/30 (Nov 30th, 2022 7:30 am)
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Following a 1% decline in the regular session to close at $138, CrowdStrike CRWD, -1.04% shares plunged nearly 20% after hours due to worries that businesses are cutting back on spending.

In a conference call with analysts, CrowdStrike’s co-founder and CEO, George Kurtz, stated that the company reported $198.1 million in net new annual recurring revenue, or ARR, for the quarter, which was less than it had anticipated.

The Street was expecting $2.35 billion, but it increased by 54% to $2.34 billion from the prior quarter.

This “would imply a low to mid-30s ending ARR growth rate and a low to mid-30s subscription revenue growth rate for FY 2024,” said Podbere.

While analysts polled by FactSet predicted earnings of 34 cents per share on revenue of $633.9 million, the company expects adjusted fiscal fourth-quarter earnings of 42 to 45 cents per share on revenue of $619.1 million to $628.2 million.

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CrowdStrike projects $2.22 billion to $2.23 billion in revenue will result in full-year earnings of $1.49 to $1.52 per share. Wall Street anticipates $2.23 billion in revenue at $1.33 per share.

A loss of $55 million, or 24 cents per share, was reported for the company’s fiscal third quarter, up from a loss of $50.5 million, or 22 cents per share, in the same quarter last year. In comparison to the same period last year, adjusted net income, which excludes stock-based compensation and other items, was 40 cents per share.

From $380.1 million the previous quarter, revenue increased to $580.9 million this quarter.

Based on the company’s forecast of 30 to 32 cents a share on revenue of $569.1 million to $575.9 million, analysts anticipated CrowdStrike to report earnings of 28 cents a share on revenue of $516 million.

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