Why Secureworks Stock Was Down Today

Shares of SecureWorks (NASDAQ: SCWX) were down 9.7% as of 1:20 p.m. ET on Thursday after delivering lower-than-expected results for the fourth quarter.

Fourth-quarter revenue declined 8.5% over the same quarter a year ago. The company also reported a net loss of $8.8 million, or $0.11 per share, which is slightly down from a loss of $9.5 million, or $0.12 per share, in the year-ago quarter.

The highlight of the quarter was the growth in the company's Taegis cloud-based security platform. Taegis revenue grew 156% year over year in the quarter and more than doubled for the full year. But it contributed less than 10% of total revenue for the year, so it didn't make a significant impact on overall growth.

Source Fool.com