CrowdStrike published second quarter financial results on Wednesday, beating market expectations thanks to ongoing distributed work trends and the move to cloud.
Non-GAAP net income per share was 3 cents on revenue of $199 million, an 84 percent increase year-over-year.
Analysts were expecting a net loss of 1 cent per share on revenue of $188.54 million.
"CrowdStrike's strong momentum continued into the second quarter with net new ARR reaching a new record and exceeding $100 million," CEO George Kurtz said in a statement. "A favorable competitive environment and strong secular tailwinds are fueling our growth. Organizations are shedding outdated systems and accelerating their move to modern cloud-native technologies to meet the demands of today's threat landscape. Furthermore, as organizations adapt to the new distributed workforce paradigm, it has become clear that the endpoint is the new security perimeter and the complex patchwork of legacy solutions is inadequate in this new environment."
Subscription revenue was $184.3 million, an 89 percent increase. Annual Recurring Revenue (ARR) increased 87 percent year-over-year and grew to $790.6 million as of July 31. Of that, $104.5 million was net new ARR added in the quarter.
The company added 969 net new subscription customers in the quarter for a total of 7,230 subscription customers as of July 31, representing 91 percent growth year-over-year. CrowdStrike's subscription customers that have adopted four or more cloud modules increased to 57 percent, and those with five or more cloud modules increased to 39 percent as of July 31.
For the third quarter, CrowdStrike expects revenue in the range of $210.6 million to $215 million.
Zuora also published second quarter financial results above expectations.
Analysts were expecting a net loss of 7 cents per share on revenue of $73.47 million.
The cloud-based subscription management platform provider posted a non-GAAP net loss of $0.2 million, or zero cents per share. Total revenue was $75 million, an increase of 8 percent year-over-year.
"We reported solid results in the second quarter as we continue to help our customers thrive by providing them with the agility, insight and automation needed to navigate an uncertain economic environment," CEO Tien Tzuo said in a statement. "The demand for subscription business models remains strong and we continue to build the foundation for Zuora to lead the market for years to come."
Subscription revenue was $58.3 million, an increase of 15 percent year-over-year.
For the third quarter, Zuora expects revenue in the range of $73 million to $75 million.
Smartsheet also reported better-than-expected second quarter results.
The company's non-GAAP net loss per share was 6 cents on revenue of $91.2 million, an increase of 41 percent year-over-year.
Analysts were expecting a net loss of 16 cents per share on revenue of $86.57 million.
"These results are a reflection of the stabilization we are seeing in the marketplace," CEO Mark Mader said in a statement. "We're confident in the value of our offerings, the investments we're making in our future, and our growing opportunity to help enterprises adapt to a reality that demands rapid transformation."
Subscription revenue was $83.6 million, an increase of 43 percent year-over-year. Professional services revenue was $7.6 million, an increase of 20 percent year-over-year.