Shares of CyberArk Software rose by 8% to $175.29 following the company’s announcement of a third-quarter loss that was better than expected. The stock reached its highest point in the past year, hitting $177.12 during the session, and has seen a 29% increase over the past 12 months.
In the third quarter, the identity security company reported a loss of $14.6 million, or 35 cents per share, as compared to a loss of $32.7 million, or 80 cents per share, in the same period last year. Analysts surveyed by FactSet had anticipated a loss of $16.9 million, or 39 cents per share.
Revenue for the quarter reached $191.2 million, surpassing last year’s $152.7 million and surpassing analysts’ expectations of $184.7 million.
CyberArk highlighted its substantial year-over-year growth in subscription revenue, which increased by 68% to $504 million.
Looking ahead, CyberArk projects fourth-quarter revenue to range between $206.5 million and $211.5 million, slightly below analysts’ estimate of $209.3 million. For fiscal year 2023, the company forecasts revenue between $735.3 million and $740.3 million, exceeding analysts’ prediction of $731.4 million.
