Business
Radware Reports Second Quarter 2024 Financial Results
Second Quarter 2024 Financial Results and Highlights Revenue of $67 million, an increase of 3% year-over-yearCloud ARR of $70 million, an increase of 19%
About this update from Radware Ltd.
[{"type":"text","content":"Second Quarter 2024 Financial Results and Highlights Revenue of $67 million, an increase of 3% year-over-yearCloud ARR of $70 million, an increase of 19% year-over-yearNon-GAAP operating expenses of $49 million, a decrease of 6% year-over-yearNon-GAAP diluted EPS of $0.20; GAAP diluted EPS of $0.04Cash flow from operations of $23 million TEL AVIV, Israel, July 31, 2024 (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, 2024. “We are pleased with our second quarter 2024 results, which exceeded the high-end of our revenue and non-GAAP EPS guidance,” said Roy Zisapel, Radware’s president and CEO. “We are excited about the launch of Radware EPIC-AI™ and the accelerated AI and GenAI innovation it represents. Together with our strong cloud security offering, we are optimistic these factors will contribute significantly to the second half of 2024.” Financial Highlights for the Second Quarter 2024Revenue for the second quarter of 2024 totaled $67.3 million: Revenue in the Americas region was $30.1 million for the second quarter of 2024, an increase of 12% from $26.8 million in the second quarter of 2023.Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $22.8 million for the second quarter of 2024, an increase of 1% from $22.6 million in the second quarter of 2023.Revenue in the Asia-Pacific (“APAC”) region was $14.4 million for the second quarter of 2024, a decrease of 11% from $16.2 million in the second quarter of 2023. GAAP net income for the second quarter of 2024 was $1.7 million, or $0.04 per diluted share, compared to GAAP net loss of $5.8 million, or $(0.13) per diluted share, for the second quarter of 2023. Non-GAAP net income for the second quarter of 2024 was $8.8 million, or $0.20 per diluted share, compared to non-GAAP net income of $4.5 million, or $0.10 per diluted share, for the second quarter of 2023. As of June 30, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $396.6 million. Cash flow from operations was $23.0 million in the second quarter of 2024. Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible ...