CrowdStrike forecasts second-quarter revenue below estimates
CrowdStrike forecast second-quarter revenue below estimates, signaling soft enterprise spending on cybersecurity products, sending the company's shares down 6.7 per cent in after-hours trading on Tuesday.
Higher interest rates and sticky inflation have forced clients to rein in tech spending, weighing on demand for companies such as CrowdStrike, despite an increasing need for robust cybersecurity solutions due to rising threats and ransomware attacks.
CrowdStrike also faces stiff competition from other cybersecurity firms including Palo Alto Networks and Fortinet.
CrowdStrike expects second-quarter revenue to be between $1.14 billion and $1.15 billion, compared with analysts' average estimate of $1.16 billion, according to data compiled by LSEG.
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