Security company Rubrik has exceeded analysts’ expectations this quarter. With that, it is off to a positive start on the stock market one quarter after its IPO.
Analysts had predicted that Rubrik would generate revenue of $171.5 million. This was far exceeded with quarterly revenue of $187.3 million, which was also 38 percent higher than the same quarter a year earlier. Rubrik’s share price rose as much as 10 percent due to these results, although yesterday’s net gain was 3 percent.
The IPO already raised more money in April than was predicted by the outside world. $752 million was brought in by the IPO at the time.
Expectations even higher
Rubrik’s achieved results offer shareholders hope, but the company also expects to do good business in the coming quarter. The company expects to achieve annual sales of $810-824 million, with subscription revenue as high as $997 million. Both forecasts are higher than what analysts expect.
Security companies are having a tumultuous time in the stock market. That may have to do with the specialization of Rubrik, which prioritizes data security and backups in addition to rapid disaster recovery. There also seems to be consolidation in the broader security playing field, with many a vendor being acquired. Fortinet, which confronted shareholders with disappointing forecasts, is acquiring Lacework, for example. That company had already been valued at 140 to 190 million euros at the time of its aborted acquisition by Wiz, a miniscule amount compared to the 8 billion it appeared to be worth by the end of 2021.