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CrowdStrike Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $1,010,178,000 from $786,014,000 in the same quarter the previous year. Subscription revenue accounted for 95% of the total revenue, with professional services revenue accounting for the remaining 5%.
Cost of revenue for the quarter was $255,087,000, representing 25% of total revenue, which is consistent with the previous year's percentage. The increase in cost was primarily due to higher employee-related expenses and cloud hosting costs.
The company reported a gross profit of $755,091,000 for the quarter, compared to $591,010,000 in the previous year, maintaining a gross margin of 75%.
Operating expenses increased to $810,814,000 from $587,847,000, primarily due to higher sales and marketing expenses, which rose by 43% to $408,267,000.
CrowdStrike reported a net loss of $16,819,000 for the quarter, compared to a net income of $26,669,000 in the previous year. The loss was attributed to increased operating expenses and costs related to the July 19 Incident.
Cash provided by operating activities was $1,036,005,000, while cash used in investing and financing activities was $211,569,000 and $60,822,000, respectively.
CrowdStrike had a working capital of $2,572,947,000 as of October 31, 2024. The company continues to focus on expanding its customer base and enhancing its Falcon platform.
The filing also details various legal proceedings related to the July 19 Incident, which resulted in system crashes for certain customers. The company is cooperating with inquiries and has incurred significant costs related to the incident.
CrowdStrike does not anticipate cash dividend payments to common stockholders in the near future.
The company identified risks related to its reliance on third-party data centers and the potential impact of geopolitical tensions on its operations.
CrowdStrike continues to invest in research and development to maintain its competitive position in the cybersecurity market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CrowdStrike Holdings Inc. quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.