CyberArk Announces 35% Year-Over-Year Revenue Increase for Second Quarter

Newton, Massachusetts-headquartered CyberArk Software Ltd. published its second-quarter reports for 2018 on Tuesday, exceeding guidance on all metrics. The company reported quarterly revenues of $77.7 million, a 35% increase year-over-year, bolstered by a 36% year-over-year increase in revenues derived from licenses and a 35% increase in revenues from maintenance and professional services.

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Founded in Israel in 1999, CyberArk develops privileged account security products for enterprises. The company has second headquarters in Israel, and over 1,000 global employees. CyberArk listed on Nasdaq in 2014.

The company reported GAAP net income for the second quarter of $8.4 million, or $0.23 per diluted share, a 162.5% increase year-over-year from $3.2 million, or $0.09 per diluted share.

CyberArk also raised its guidance for the full year of 2018, after first upping the guidance following its strong first quarter results. The company now expects revenues of $320 million to $324 million for the entire year, which would represent 22% to 24% year-over-year growth. For the third quarter, the company expects revenues of $77.75 million to $79.25 million, a 20% to 22% year-over-year growth.

CyberArk was down 2.34% on Nasdaq on Tuesday market close, but is currently up as much as 3.61% in after-hours trading.