Shares of CyberArk Software (NASDAQ: CYBR) were up 12.9% as of 2:20 p.m ET Thursday, according to data provided by S&P Global Market Intelligence, after the identity-focused cybersecurity company announced strong second-quarter 2023 results.

Quarterly revenue climbed 24% year over year to $175.8 million, translating to adjusted (non-GAAP) net income of $1.3 million, or $0.03 per share. Most analysts were looking for an adjusted net loss of $0.13 per share on slightly lower revenue of $173.5 million.

CyberArk's top-line growth was driven entirely by a 61% increase in subscription revenue to $106.2 million, partially offset by a 1% decline in maintenance and professional services revenue and a 53.6% decline in perpetual license revenue, to $5.1 million. Subscription revenue now comprises 69% of CyberArk's total annual recurring revenue (ARR), which climbed 77% to $451 million exiting the quarter.

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Source Fool.com