Posted on Monday, Jun 21st 2021
Recently Rapid7 (NASDAQ:RPD), a leading provider of security analytics and automation, reported its quarterly results that continued to beat market estimates. The company has been on an acquisition spree and recently announced the acquisition of another Australian player.
Rapid7’s revenues for the first quarter grew 24% to $117.5 million, ahead of the market’s expectations of $114.39 million. Non GAAP net loss was $1.4 million or $0.03 per share compared with the Street’s forecast of a loss of $0.06 per share. Total ARR grew 30% to $455.8 million.
By segment, revenues from products grew 25% to $109.3 million and professional services revenues grew 20% to $8.2 million.
For the second quarter, Rapid7 forecast revenues of $121.7-$123.3 million with earnings of $0.02-$0.03 per share. The Street was looking for revenues of $119.4 million and an EPS of $0.01 per share. Rapid7 expects to end the current year with revenues of $500-$506 million and earnings of $(0.03) to $0.04 per share. The market had forecast revenues of $493.42 million with earnings of $0.02 per share.
Rapid7’s Velocidex Acquisition
In April, Rapid7 announced the acquisition of Australia-based Velocidex Enterprises. Its flagship product Velociraptor provides innovative consultancy services in the specialist areas of digital forensics and incident response. It was developed for digital forensics and incident response professionals that needed an efficient and powerful way to detect and monitor threatening activities across endpoints. With its community-driven approach, all collective wisdom from the DFIR community is congregated into one space and is accessible to others. The acquisition will allow Rapid7 to continue building the community as well as leverage the technology and insights, enhancing Rapid7’s incident response capabilities. Terms of the deal were not disclosed.
Rapid7 also announced the release of its integration on the CrowdStrike Store. The CrowdStrike Store helps address the challenges faced by customers in delivering a unified Security Cloud ecosystem of trusted third-party applications and add-ons alongside the Falcon platform. The integrations leverage CrowdStrike Falcon’s telemetry which processes over five trillion endpoints and workload-related events a day. The integration, InsightIDR (SIEM), leverages insights from Rapid7’s global services and threat intelligence network and the Falcon platform’s telemetry to release endpoint and workload visibility alongside user, network, cloud and other security data for complete coverage of modern hybrid environments.
Its stock is trading at $93.98 with a market capitalization of $5.18 billion. Last week, it hit a 52-week high of $95.98. It hit a 52-week low of $47.08 in June last year.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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