Business
Radware Reports First Quarter 2024 Financial Results
First Quarter 2024 Financial Results and Highlights Revenue of $65.1 million, a decrease of 6% year-over-yearCloud ARR of $67.0 million, an increase of 22%
About this update from Radware Ltd.
[{"type":"text","content":"First Quarter 2024 Financial Results and Highlights Revenue of $65.1 million, a decrease of 6% year-over-yearCloud ARR of $67.0 million, an increase of 22% year-over-yearNon-GAAP EPS of $0.16; GAAP net loss per diluted share of $0.03Cash flow from operations of $21.1 million. TEL AVIV, Israel, May 08, 2024 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the first quarter ended March 31, 2024. “We delivered a solid first quarter performance in 2024, exceeding the high-end of our revenue and EPS guidance while producing 22% year-over-year growth in cloud ARR,” said Roy Zisapel, Radware’s president and CEO. “During the quarter, we saw recovery in customer spending, driven by a slight improvement in the business environment and a surge in cyber-attacks. Looking ahead in 2024, we intend to capitalize on the strong growth across our cloud security business and partner channels and the market need for best-in-class critical security. Combined with cost discipline, we believe we are well-positioned to return to revenue growth and improved profitability.” Financial Highlights for the First Quarter 2024Revenue for the first quarter of 2024 totaled $65.1 million: Revenue in the Americas region was $27.1 million for the first quarter of 2024, the same as in the first quarter of 2023.Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $22.7 million for the first quarter of 2024, a decrease of 24% from $29.7 million in the first quarter of 2023.Revenue in the Asia-Pacific (“APAC”) region was $15.3 million for the first quarter of 2024, an increase of 25% from $12.2 million in the first quarter of 2023. GAAP net loss for the first quarter of 2024 was $1.2 million, or $(0.03) per diluted share, compared to GAAP net loss of $3.1 million, or $(0.07) per diluted share, for the first quarter of 2023. Non-GAAP net income for the first quarter of 2024 was $6.8 million, or $0.16 per diluted share, compared to non-GAAP net income of $6.1 million, or $0.14 per diluted share, for the first quarter of 2023. As of March 31, 2024, the Company had cash, cash equivalents, short-term bank deposits, and marketable securities of $382.8 million. Cash flow from operations was $21.1 million in the first quarter of 2024. Non-GAA...