Business
Radware Reports Second Quarter 2023 Financial Results
Second Quarter 2023 Financial Results and Highlights Revenue of $65.6 million, down 13% year-over-yearTotal ARR of $208.3 million, up 7% year-over-year
About this update from Radware Ltd.
[{"type":"text","content":"Second Quarter 2023 Financial Results and Highlights Revenue of $65.6 million, down 13% year-over-yearTotal ARR of $208.3 million, up 7% year-over-year Non-GAAP gross margin of 82.3% compared to 83.3% in the second quarter of 2022Non-GAAP EPS of $0.10; GAAP net loss per diluted share of $0.13 TEL AVIV, Israel, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the second quarter ended June 30, 2023. “During the second quarter of 2023, we continued to execute on our cloud security strategy, accelerating our cloud ARR growth 23% year-over-year,” said Roy Zisapel, Radware’s president and CEO. “At the same time, we encountered headwinds in on-premise appliance sales. As the macroeconomic environment evolves, we will continue to align our investments with our key priorities, which include driving cloud security growth, enhancing our go-to-market partnerships, and expanding into the mid-sized enterprise market.” Financial Highlights for the Second Quarter 2023Revenue for the second quarter of 2023 totaled $65.6 million: Revenue in the Americas region was $26.8 million for the second quarter of 2023, a decrease of 10% from $29.7 million in the second quarter of 2022.Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $22.6 million for the second quarter of 2023, a decrease of 24% from $29.7 million in the second quarter of 2022.Revenue in the Asia-Pacific (“APAC”) region was $16.2 million for the second quarter of 2023, an increase of 3% from $15.7 million in the second quarter of 2022. GAAP net loss for the second quarter of 2023 was $5.8 million, or $(0.13) per diluted share, compared to GAAP net income of $3.2 million, or $0.07 per diluted share, for the second quarter of 2022. Non-GAAP net income for the second quarter of 2023 was $4.5 million, or $0.10 per diluted share, compared to non-GAAP net income of $8.1 million, or $0.18 per diluted share, for the second quarter of 2022. As of June 30, 2023, the Company had cash, cash equivalents, short-term bank deposits, and marketable securities of $402.0 million. Net cash provided by operating activities was $4.9 million in the second quarter of 2023. Non-GAAP results are calculated excluding, as applicable, the impact of stock-based comp...