In a recent announcement, Darktrace, a cybersecurity company based in Britain, has revised its forecast for annual revenue and core profit margins upward. The company attributes this increase to the strong demand for its artificial intelligence-powered products in the cybersecurity market.
Despite a decline in IT spending over the past year, Darktrace has seen stable cybersecurity-related expenditure as businesses and governments prioritize securing their systems against hackers. As a result, Darktrace now expects its fiscal year 2024 revenue to grow between 23% and 24.5%, compared to the previously estimated range of 22% to 23.5%. Similarly, the company has adjusted its forecasted adjusted core profit margin to 18% to 20% from 17% to 19% previously.
Darktrace also highlighted the importance of annualized recurring revenue (ARR) as a key measure of growth. While new business ARR has stabilized, the company acknowledges that it has not yet seen a significant improvement. Despite this, Darktrace remains confident in its AI-powered cybersecurity products, expressing its belief that it is well-positioned to capitalize on the increasing sophistication of cyber threats, including generative AI tools and tactics.
For the first half of the year, Darktrace expects to generate revenue of at least $329.6 million, representing a year-over-year growth rate of approximately 27.1%. These positive projections have resulted in a 7% increase in Darktrace’s shares on the FTSE midcap index as investors respond favorably to the company’s optimistic outlook.
Darktrace’s revised forecast signals the continued importance of cybersecurity in an ever-evolving digital landscape. With the demand for AI-powered solutions on the rise, the company stands to benefit from ongoing efforts to safeguard critical systems against cyber threats.
The source of the article is from the blog qhubo.com.ni