BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
News: stock, crypto, macro, education
CrowdStrike Reports Robust First Quarter Fiscal Year 2025 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)--June 4, 2024-- CrowdStrike Holdings, Inc. (Nasdaq: CRWD), a leader in cloud-delivered endpoint and workload protection, announced exceptional financial results for the first quarter of fiscal year 2025, which ended on April 30, 2024. The company's impressive performance led to a 6.75% surge in its stock price during aftermarket trading.
Key Financial Highlights:
- Annual Recurring Revenue (ARR): Grew by 33% year-over-year to $3.65 billion.
- Net New ARR: Increased by 22% year-over-year to $212 million.
- Total Revenue: Reached $921 million, a 33% increase from $692.6 million in Q1 FY2024.
- Subscription Revenue: Rose to $872.2 million, up 34% from $651.2 million in Q1 FY2024.
- Gross Margin: GAAP subscription gross margin remained strong at 78%, with non-GAAP subscription gross margin at 80%.
- Income from Operations: GAAP income from operations was $6.9 million, a significant improvement from a loss of $19.5 million in the same quarter last year. Non-GAAP income from operations was $198.7 million, up from $115.9 million.
- Net Income: GAAP net income attributable to CrowdStrike was $42.8 million, a notable increase from $0.5 million in Q1 FY2024. Non-GAAP net income was $231.7 million, compared to $136.4 million.
- Earnings per Share: GAAP diluted EPS was $0.17, while non-GAAP diluted EPS was $0.93, compared to $0.00 and $0.57 respectively in the prior year.
- Cash Flow: Record operating cash flow of $383.2 million and free cash flow of $322.5 million, representing 35% of revenue.
- Cash and Cash Equivalents: Totaled $3.70 billion as of April 30, 2024.
Strategic Achievements and Product Innovations:
CrowdStrike continues to expand its leadership in the cybersecurity space with notable advancements and strategic partnerships:
- Module Adoption Rates: High adoption with 65% of customers using five or more modules, 44% using six or more, and 28% using seven or more.
- Falcon Platform Enhancements: Introduced Falcon Next-Gen SIEM and Falcon Application Security Posture Management (ASPM), along with innovations in Cloud Detection and Response (CDR).
- Partnerships and Collaborations: Strengthened alliances with AWS, Google Cloud, NVIDIA, Tata Consultancy Services (TCS), and HCLTech to enhance cybersecurity solutions and services.
Recognition and Awards:
- Industry Leadership: Recognized as a leader in multiple industry reports including The Forrester Wave™ and IDC MarketScape, and awarded by Frost & Sullivan for Cloud Security.
Outlook for Fiscal Year 2025:
CrowdStrike is optimistic about its growth trajectory and has increased its guidance for the fiscal year ending January 31, 2025:
- Revenue: Projected to be between $3.976 billion and $4.011 billion.
- Non-GAAP Income from Operations: Expected to range from $890.1 million to $916.5 million.
- Non-GAAP Net Income: Forecasted to be between $985.6 million and $1.012 billion.
- Non-GAAP EPS: Anticipated to be between $3.93 and $4.03, based on 251 million diluted shares.
CEO Commentary: George Kurtz, CEO and co-founder of CrowdStrike, commented, "CrowdStrike started the fiscal year from a position of momentum and exceptional strength. Our Falcon platform’s differentiated architecture creates a wide competitive moat and uniquely enables us to solve the industry’s biggest cybersecurity, IT, and data problems."
CFO Remarks: Burt Podbere, CFO of CrowdStrike, added, "The CrowdStrike team delivered another exceptional quarter driven by strong execution and platform adoption. Our focus on profitable scaling is evident as we aim to achieve $10 billion in ending ARR and beyond."
(Source: Crowdstrike)
More articles
BlackRock Q3 2024 Earnings: AUM Reaches New Heights Amid Strong Inflows
Wells Fargo Q3 2024 Earnings Report: Profit Declines Amid Lower Interest Income, Investment Banking Offers Support
Wells Fargo & Co. announced its third-quarter 2024 financial results, revealing mixed performance. The bank's net income dropped by 11.3% year-over-year to $5.11 billion, while revenue fell 2% to $20.37 billion. This decline in revenue was driven primarily by an 11% drop in net interest income, which came in at $11.69 billion. Higher funding costs and customer movement towards higher-yielding deposits were key factors contributing to the lower interest income.
JPMorgan Chase Reports Strong Q3 2024 Results, Beating Expectations
JPMorgan Chase & Co. has once again exceeded market expectations with its third-quarter 2024 earnings report, delivering robust results. The bank reported a net income of $12.9 billion, a slight decrease from $13.1 billion in the same period last year. However, earnings per share (EPS) rose to $4.37, outperforming analysts' expectations of $4.01. This represented a 1% increase in EPS year-over-year, despite the minor decline in net income.
DOJ Pushes to Break Up Google as Antitrust Battle Heats Up
The U.S. Department of Justice (DOJ) has intensified its efforts against Google in a landmark antitrust case, marking a potential turning point for Big Tech regulation. This week, the DOJ revealed it is seriously considering drastic remedies to curb Google's dominance, including breaking up the tech giant's key business units such as Chrome and Android. This follows an August 2024 ruling that found Google had been illegally maintaining a monopoly over internet search and advertising.
PepsiCo Q3 2024 Earnings Report: Revenue Miss and Revised Growth Outlook
PepsiCo has announced its third-quarter earnings for 2024, revealing a mixed performance. The company reported a decline in overall revenue but managed to beat profit expectations, demonstrating resilience in several key segments despite global challenges. Here's a detailed breakdown of the report.
McCormick Reports Strong Q3 2024 Results and Raises Full-Year Outlook
McCormick & Co., a global leader in spices and flavor solutions, delivered better-than-expected Q3 2024 earnings, driving a 5% increase in its stock price. The company reported revenue of $1.68 billion, which remained flat compared to the same quarter last year but surpassed market expectations. The earnings per share (EPS) increased by 32% to $0.83, well above analysts' estimates of $0.67, reflecting strong operational performance and cost control efforts.
Paychex Reports Strong Q1 2025 Earnings with 3% Revenue Growth
Paychex, Inc. (NASDAQ: PAYX) kicked off its fiscal year 2025 with solid Q1 earnings, posting a 3% year-over-year increase in revenue, reaching $1.32 billion. The payroll and human resource services giant also delivered adjusted earnings per share (EPS) of $1.16, slightly above the consensus estimate of $1.14. This growth was primarily driven by the company's strong performance in Human Capital Management (HCM) solutions and Professional Employer Organization (PEO) services.
Nike Q1 2025 Earnings: Revenue Decline Amid Market Challenges
Nike, Inc. reported its Q1 2025 fiscal earnings on October 1, revealing a 10% decline in revenue to $11.6 billion, down from $12.9 billion in the same period last year. This drop is attributed to weakening demand across major markets, notably in North America, where revenue fell by 11%, and Europe, the Middle East, and Africa, which saw a 13% decline. Greater China also posted a 4% drop in sales.
Carnival Corporation Reports Record Q3 2024 Earnings: Revenue, Net Income, and Future Outlook
Carnival Corporation, the world's leading cruise operator, posted impressive financial results for the third quarter of 2024, breaking several records and surpassing market expectations. With revenue reaching an all-time high of $7.9 billion, a 15% increase year-over-year, Carnival demonstrated a strong recovery and continued growth in the cruise industry. This financial achievement exceeded the expected $7.83 billion forecast, signaling robust consumer demand for cruises despite inflationary pressures.
Alibaba's Recent Surge and Key Developments in Late September 2024
In the final week of September 2024, Alibaba's stock surged over 20%, reaching its highest point in a year. This impressive growth stems from a combination of strategic innovations, favorable regulatory changes, and broader economic support in China.
