Shares of CyberArk Software (NASDAQ: CYBR) jumped on Wednesday after the cybersecurity company reported its second-quarter results. CyberArk beat analyst estimates on all fronts, posting robust revenue and earnings growth. The stock was up about 13.4% at 12:10 p.m. EDT.
CyberArk reported second-quarter revenue of $77.7 million, up 35% year over year and about $4.8 million higher than the average analyst estimate. License revenue rose 36% to $41.1 million, while maintenance and professional services revenue increased 35% to $36.6 million. CyberArk added nearly 200 customers during the quarter, pushing its total customer count over 4,000.
Non- GAAP earnings per share came in at $0.36, up from $0.21 in the prior-year period and $0.12 better than analysts were expecting. Operating cash flow surged 90% to $56.2 million.
CEO Udi Mokady said: "Our growth was driven by strong execution and robust demand from both new and existing customers across all geographies. Given our strong execution in the first half of the year and our tremendous market opportunity, we are positioned well for the remainder of 2018."
CyberArk expects to produce third-quarter revenue between $77.75 million and $79.25 million, up 20% to 22% year over year, and non-GAAP earnings per share between $0.25 and $0.28. Those ranges compare to analyst estimates of $78.4 million and $0.30, respectively.
For the full year, CyberArk sees revenue between $320 million and $324 million, good for a 22% to 24% growth rate, and non-GAAP EPS between $1.43 and $1.50. Both ranges are above analyst expectations of $318 million for revenue and $1.35 for EPS.
While CyberArk's third-quarter guidance fell a bit short, strong second-quarter results and solid full-year guidance pushed up the stock on Wednesday.
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