Business
Radware Reports Fourth Quarter and Full Year 2022 Financial Results
Recurring revenue increased to 68%, full year 2022 cloud and subscription revenue increased 13% Fourth Quarter 2022 Results and Financial Highlights Revenue
About this update from Radware Ltd.
[{"type":"text","content":"Recurring revenue increased to 68%, full year 2022 cloud and subscription revenue increased 13%\nFourth Quarter 2022 Results and Financial Highlights Revenue of $74.1 million, down 3% year-over-yearNon-GAAP gross margin of 82.7% compared to 82.4% in the fourth quarter of 2021Non-GAAP EPS of $0.17; GAAP net loss per share of $0.09 Full Year 2022 Results and Financial Highlights Revenue of $293.4 million, up 2% year-over-yearARR of $202.4 million, up 7% year-over-yearNon-GAAP gross margin of 83.0% compared to 82.4% in 2021Non-GAAP EPS of $0.68; GAAP EPS of $0.00 TEL AVIV, Israel, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2022. “For the fourth quarter and full year of 2022, I’m pleased to report solid results, which were in-line with our guidance. The results were driven mainly by cloud and subscription revenue, which delivered double-digit growth during 2022, as well as a record number of new cloud wins in the fourth quarter,” said Roy Zisapel, Radware’s president and CEO. “While headwinds in the macro environment may continue to impact our results in the coming year, we remain optimistic about our long-term growth potential given the market adoption of our products. In 2023, the cloud will continue to play a pivotal role in our strategy as we increase our focus on our cloud security solutions, grow our presence in the mid-sized enterprise market, and expand our channel partnerships. Coupled with disciplined expense management, we remain committed to driving profitable growth.” Financial Highlights for the Fourth Quarter and Full Year 2022Revenue for the fourth quarter and full year of 2022 totaled $74.1 million and $293.4 million, respectively: Revenue in the Americas region was $31.9 million for the fourth quarter of 2022, an increase of 2% from $31.2 million in the fourth quarter of 2021. Revenue in the Americas region for the full year of 2022 was $123.9 million, a decrease of 4% from $128.8 million in the full year of 2021. Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $24.3 million for the fourth quarter of 2022, a decrease of 18% from $29.7 million in the fourth quarter of 2021. Revenue in the EMEA region for ...