The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how cybersecurity stocks fared in Q2, starting with CrowdStrike (NASDAQ:CRWD).
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 30.2% on average since the latest earnings results.
CrowdStrike (NASDAQ:CRWD)
Known for detecting the massive SolarWinds hack in 2020 that compromised numerous government agencies, CrowdStrike (NASDAQ:CRWD) provides cloud-based cybersecurity solutions that protect endpoints, cloud workloads, identity, and data through its Falcon platform.
CrowdStrike reported revenues of $1.47 billion, up 25.8% year on year. This print exceeded analysts’ expectations by 2.1%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ adjusted operating income estimates and a solid beat of analysts’ billings estimates.
Interestingly, the stock is up 45.6% since reporting and currently trades at $275.53.
Read why we think that CrowdStrike is one of the best cybersecurity stocks, our full report is free.
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, outperforming analysts’ expectations by 2%. The business had an exceptional quarter with a solid beat of analysts’ billings estimates and an impressive beat of analysts’ adjusted operating income estimates.
The market seems happy with the results as the stock is up 25.6% since reporting. It currently trades at $202.32.
