Darktrace holds forecasts as cybersecurity business picks up
Cybersecurity provider Darktrace has expressed confidence in its full-year outlook after winning new customers, despite previously lowering earnings guidance.
The artificial intelligence (AI) specialist reported today that revenues for the three months ending 30 September rose 28 per cent against the same quarter last year to $161.6m (£131.3m).
Darktrace, which listed in April 2021, expects revenue growth for 2024 of between 21 and 23 per cent — between $133.8m and $146.6m.
The company said this was thanks to 126 new customers in the quarter, a rise of 15 per cent year on year, taking its total number of customers to almost 9,000.
However, shares dived nearly five per cent at the market open on Thursday morning.
It comes a month after the firm lowered its 2024 outlook for earnings before tax to between 17 to 19 per cent.
This was due to a decision to pay 100 per cent of its sales commissions up front instead of 50 per cent up front and 50 per cent a year later.
Today’s first-quarter trading update shows “early, but clear indicators of gaining traction”, said Cathy Graham, Darktrace’s chief financial officer.
Graham added: “Seeing such positive trajectories from relatively recent investment and changes, contributes to our confidence that we are on the right path, both to deliver FY 2024 results and to drive growth in future years.”
Darktrace chief executive Poppy Gustafsson last week refused to go to the US to give testimony in a criminal trial over alleged corporate fraud committed by a company she used to work for.
Businessman Mike Lynch, who co-founded Darktrace, was extradited to the US earlier this year and has been charged with multiple fraud counts over a £7bn sale of his software company Autonomy in 2011.
Autonomy’s former finance head, Stephen Chamberlain, also faces trial alongside Lynch next year.
Darktrace, which uses AI in its cyber security services to help organisations identify and defend against attacks, was cleared following allegations about its books in July.