Cyber firm Darktrace upped its revenue estimates once again this morning as the world continues to feel the tidal wave of cyber threats.
The ongoing Russian invasion of Ukraine and spike of online security risks has shown the need for Darktrace products, with the tech darling stating this backdrop has fuelled sales in the past three months.
Revenue grew between 45.5 per cent and 47 per cent (previously 44.5 per cent to 46.5 per cent), and while margins beat prior forecasts at between 15 per cent and 17 per cent.
CFO of Darktrace Cathy Graham said: “In our third quarter, we sustained strong growth trends across our customer base, ARR and revenue, as well as maintaining the gains in churn and net ARR retention rates we made in the first half of the financial year”.
“As we pursue our goal of protecting organisations across the globe from cyber-attacks, we remain laser-focused on fulfilling our vision of delivering a continuous AI loop addressing today’s complex and constantly changing cyber challenges”, she added.
Despite the positive outlook, shares dropped over one per cent this morning as investors struggle to back the cyber firm.
The post-IPO lockup on up to 85.5 million shares, held primarily by current employees, is set to expire at the start of May.
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