CyberArk Software boosts full-year forecast after reporting surprise profit

CyberArk (NASDAQ:) saw its stock move modestly higher in pre-open Thursday trading after the cybersecurity company raised its full-year forecast.

Looking ahead to the full year, CyberArk anticipates an adjusted EPS of 44 cents to 63 cents, compared to previous guidance of 16 cents to 38 cents. This outlook exceeds the estimated EPS of 29 cents.

Revenue is projected to be between $726.0 million and $736.0M, which compares to the previously forecasted range of $724.0-736.0M. The estimated revenue for the year is $730M.

For this quarter, the company projects EPS in the range of 19 cents to 27 cents, beating the consensus estimate of 15 cents. Additionally, CyberArk expects revenue between $181.5M and $186.5M, slightly lower than the estimate of $187.1M.

In the company’s second-quarter results, CyberArk adjusted EPS of 3 cents, a significant improvement from the loss per share of 27 cents in the same period last year. Analysts had estimated a loss per share of 13 cents.

Revenue for the second quarter reached $175.8M, showing a 24% year-over-year increase. This exceeded the estimated revenue of $173.5M.

“We had a great quarter, beating our guidance across all metrics, which demonstrates the momentum in our business and the durability of demand for our identity security platform,” said Matt Cohen, CyberArk’s Chief Executive Officer.

CyberArk has raised its full-year Annual Recurring Revenue (ARR) guidance to a range of $743M to $753M, up from the previous range of $735M to $745M.