Shares of Tenable Holdings (NASDAQ: TENB) rose as much as 12.3% early Wednesday before closing the trading day at 5.3% after the cybersecurity company announced strong fourth-quarter 2023 results.
Customers are flocking to the Tenable One platform
For the quarter ending Dec. 31, Tenable's quarterly revenue grew 16% year over year to $213.3 million, translating to adjusted non-GAAP (generally accepted accounting principles) earnings of $30.2 million, or $0.25 per share. On average, analysts were only modeling earnings of $0.14 per share on revenue of $206.7 million.
Tenable chairman and CEO Amit Yoran credited customers' interest in cloud and identity solutions within the company's Tenable One exposure management platform. “We delivered a strong Q4, including better-than-expected results on the top and bottom line,” he said in a press release.
The company added 597 new enterprise platform customers during the quarter, including 156 net new customers generating annual recurring revenue of at least $100,000. To be fair, those figures included 104 enterprise platform customers and 15 six-figure customers added via Tenable's acquisition of Ermetic, which was completed in October 2023.
What's next for Tenable investors?
For the full-year 2024, Tenable called for revenue of $895 million to $905 million, with adjusted earnings per share of $1.03 to $1.10. By comparison, most analysts were expecting lower 2024 earnings of $0.82 per share, albeit on revenue near the high end of Tenable's guidance range.
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