CrowdStrike Drops 11% in Pre-Market as Q1 ARR Beat Falls Short of Expectations

CRWD-0.04%
According to Jefferies, CrowdStrike Holdings Inc. (CRWD) shares fell more than 11% in Thursday's pre-market session after the company's Q1 results disappointed investors. While CRWD reported earnings per share of $1.1 on revenue of $1.39 billion, beating Wall Street estimates of $1.07 EPS and $1.36 billion revenue, the annual recurring revenue growth beat of $6 million fell well short of historical upside deliveries of $15 million to $29 million, according to TheFly. Jefferies lowered its price target on CrowdStrike to $760 from $775 while maintaining a Buy rating, citing elevated investor expectations following the stock's 97% rally since April 10.
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