Why CrowdStrike Stock Pulled Back Today

Shares of cloud cybersecurity company CrowdStrike Holdings (NASDAQ: CRWD) pulled back on Friday morning following the release of financial results for the first quarter of its fiscal 2023. As of 11 a.m. ET today, the stock was down 6%.  

In the first quarter, CrowdStrike generated revenue of $488 million, which was up a whopping 61% year over year, far exceeding the high end of its revenue guidance of $465 million. Most of the company's revenue is on a subscription basis. Therefore, it has tremendous visibility for forecasting revenue. And management raised full-year revenue guidance when it reported first-quarter results.

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Source Fool.com