CyberArk Software Ltd. (NASDAQ: CYBR) posted third-quarter results that exceeded analyst expectations by a wide margin, driven by strong subscription demand and accelerating annual recurring revenue growth.
Revenue surged 43% year over year to $342.8 million, beating the consensus estimate of $328 million. Adjusted earnings per share came in at $1.20, up 28% from $0.94 a year ago and well above expectations of $0.93.
The identity security company reported record net new annual recurring revenue (ARR) of $68 million for the quarter, a 16% year-over-year increase. Total ARR climbed 45% to $1.34 billion, underscoring continued momentum in CyberArk’s transition to a subscription-based business model.
The strong results came as CyberArk prepared for its pending merger with Palo Alto Networks, announced earlier this year. The company said the combination would enhance its ability to expand market reach and capitalize on growing global demand for identity security solutions.
