Why IronNet Stock Was Down on Wednesday

Shares of IronNet (NYSE: IRNT) were down 14.9% as of 1:02 p.m. ET on Wednesday after the company delivered its latest earnings results. For the fiscal first quarter of 2023, which ended April 30, IronNet reported that annual recurring revenue increased 17.5% year over year, while revenue increased only slightly to $6.7 million compared to $6.4 million in the year-ago quarter. 

Year to date, the stock has fallen 48% compared to the Nasdaq Composite's loss of 29%.   

Top cybersecurity stocks have reported high growth rates lately, as demand from enterprise continues to heat up. IronNet co-CEO Keith Alexander believes his company is perfectly positioned for the future of this burgeoning market.  

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Source Fool.com