Darktrace backs annual guidance but cautions on strong dollar

(Alliance News) - Cybersecurity firm on Wednesday Darktrace PLC backed annual guidance, but said ...

Alliance News 12 October, 2022 | 8:26AM
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(Alliance News) - Cybersecurity firm on Wednesday Darktrace PLC backed annual guidance, but said it is closely watching foreign exchange movements, which may hit top-line growth.

In the first quarter ended September 30, revenue rose 37% annually to USD126.3 million.

The Cambridge-based company added 320 net new customers, taking its base to 7,757, up 29% year-on-year.

Chief Financial Officer Cathy Graham stated: "Using our market-leading self-learning artificial intelligence technology, Darktrace empowers organisations to interrupt cyber threats before they experience a business disruption. This focus, and the value it provides to users of our technology, allowed us to maintain strong sales activity through the first quarter of financial year 2023, again expanding our customer base, annual recurring revenue and revenue."

Darktrace said the dollar is "unusually strong" relative to its other reporting currencies.

It noted key foreign exchange rates have recovered from lows recently, however. "On this basis, Darktrace is maintaining its expectation for financial year 2023 year-over-year revenue growth of between 30% and 33%, though it will continue to monitor foreign exchange rates, and their potential impacts on revenue, for downside movement relative to rates at this reporting date," the company said.

Darktrace shares were 2.4% lower at 291.00 pence each in London on Wednesday morning.

By Tom Budszus; tombudszus@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Darktrace PLC 581.00 GBX -0.34 -

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