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The Curious Reason CrowdStrike Stock Slumped on Wednesday Morning

TheMotleyFool

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The Curious Reason CrowdStrike Stock Slumped on Wednesday Morning: https://g.foolcdn.com/editorial/images/698874/a-person-with-a-laptop-looking-at-servers-in-a-data-center.jpg

Shares of CrowdStrike (NASDAQ: CRWD) tumbled in early trading on Wednesday, falling as much as 7.7%. As of 1:16 p.m. ET, shares were still down 5.9%.

The catalyst that sent the stock lower was the cybersecurity specialist's earnings report. Curiously, not only were the results far better than expected, but management also increased the company's full-year guidance.

For its fiscal 2023 second quarter (ended Jul. 31), CrowdStrike reported revenue of $535.2 million, up 58% year over year. For context, that's down just slightly from its 61% growth in Q1. The strong sales growth was fueled by subscription revenue of $506.2 million, which climbed 60%.

Source Fool.com

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