Earnings results often indicate what direction a company will take in the months ahead. With Q2 behind us, let’s have a look at Qualys (NASDAQ:QLYS) and its peers.
Cybersecurity continues to be one of the fastest-growing segments within software for good reason. Almost every company is slowly finding itself becoming a technology company and facing rising cybersecurity risks. Businesses are accelerating adoption of cloud-based software, moving data and applications into the cloud to save costs while improving performance. This migration has opened them to a multitude of new threats, like employees accessing data via their smartphone while on an open network, or logging into a web-based interface from a laptop in a new location.
The 9 cybersecurity stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 1.7% while next quarter’s revenue guidance was 0.9% above.
Luckily, cybersecurity stocks have performed well with share prices up 25% on average since the latest earnings results.
Best Q2: Qualys (NASDAQ:QLYS)
Originally developed to address the growing complexity of IT security in the cloud era, Qualys (NASDAQ:QLYS) provides a cloud-based platform that helps organizations identify, manage, and protect their IT assets from cyber threats across on-premises, cloud, and mobile environments.
Qualys reported revenues of $182.2 million, up 11% year on year. This print exceeded analysts’ expectations by 2%. Overall, it was an exceptional quarter for the company with a solid beat of analysts’ billings estimates and an impressive beat of analysts’ adjusted operating income estimates.
“In Q2, we continued to execute well, demonstrated by another quarter of solid revenue growth and profitability,” said Sumedh Thakar, Qualys’ president and CEO.
Interestingly, the stock is up 20.4% since reporting and currently trades at $193.95.
Is now the time to buy Qualys? Access our full analysis of the earnings results here, it’s free.
Okta (NASDAQ:OKTA)
Named after the meteorological measurement for cloud cover, Okta (NASDAQ:OKTA) provides cloud-based identity management solutions that help organizations securely connect their employees, partners, and customers to the right applications and services.
Okta reported revenues of $805 million, up 10.6% year on year, outperforming analysts’ expectations by 1.5%. The business had a strong quarter with an impressive beat of analysts’ billings estimates and a solid beat of analysts’ adjusted operating income estimates.
