Shares of cybersecurity company Darktrace rose as much as 10% today as the company posted nearly 25% annual recurring revenue growth.
Latest Trading updatesLondon-listed Darktrace reported a 24.3% increase in ARR for the six months to 31 December 2023 to $701.7m (£550.9m).
The Cambridge-based company said the growth was due to the development of its go-to-market strategy, which had a “greater impact on sales activity” than expected.
Darktrace has narrowed its year-over-year constant currency ARR growth guidance range from 21-23% to 21.5-23%.
“Following the rollout of significant go-to-market changes that impacted our first quarter results, we are extremely pleased to see the resulting benefits reflected in our strong second quarter financial performance. We’re excited about this,” said Kathy Graham, Darktrace’s CFO.
“Looking forward, we will emerge from a period of relative market uncertainty in an even stronger position as adversaries take advantage of the availability of increasingly sophisticated tools and our AI-powered cyber We expect to be well-positioned to take advantage of significant market opportunities for security products and tactics including generative AI. ”
The latest information on the deal was announced as CEO Poppy Gustafsson prepares. face interrogation From lawyers as part of Mike Lynch’s fraud trial.
Lynch, who helped launch Darktrace as owner of Invoke Capital, is facing criminal charges for fraud related to the sale of his company Autonomy, which was acquired by HP in 2011.
Autonomy is an enterprise software company, and many former employees now make up Darktrace’s management team, including Gustafsson.