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Wednesday 13 October 2021

Darktrace TU indicates 51% Q122 revenue growth

Darktrace TU indicates 51% Q122 revenue growthHot on the heels of another blistering FY performance by Cambridge and San Francisco headquartered Darktrace comes a trading update that suggests the cyber security company grew its Q122 revenue almost 51% year on year to US$93m.

New customer additions expanded the total client base almost 43% on the first quarter of FY21 when the negative impacts of the coronavirus pandemic were at their sharpest. Consistent demand for Darktrace’s artificial intelligence (AI) led threat detection and response products and services helped deliver an extra US$24.1m of annual recurring revenue (ARR) in Q122, despite strong currency headwinds as the US dollar strengthened against sterling and the Euro.

That performance, combined with the stability of its gross margin, one year gross ARR churn and net ARR retention rates, has prompted Darktrace management to up their forecasts once again. The company now expects FY22 revenue growth in the region of 37-39% yoy (previously 35-37%), which would deliver total turnover of US$385m-US$390m if accurate.

Though the majority of its predicted revenue will still come from other parts of the world (particularly the US), the proportion derived from the UK would still give Darktrace a good chance of making our list of Top 20 UK Enterprise Cyber Security Suppliers next year (read our UK Enterprise Cyber Security Supplier Rankings 2021 report here).

Posted by: Martin Courtney at 09:46

Tags: threatdetection   cybersecurity   tradingupdate  

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