TEL AVIV, Israel— Radware Ltd. (NASDAQ:RDWR), a global provider of cybersecurity and application delivery solutions, has announced it will hold a conference call to discuss the company's second-quarter 2024 earnings on Wednesday, July 3, 2024.
The Israel-based company, which specializes in services for business security and network management, disclosed the scheduled earnings call in a report filed with the Securities and Exchange Commission. The filing, known as Form 6-K, is a requirement for foreign private issuers to provide the U.S. markets with updates on significant corporate events.
Investors and analysts will be closely watching the call for updates on the company's performance, especially given the dynamic nature of the cybersecurity industry. Radware's previous reports have highlighted its efforts to innovate and expand its product offerings to meet the evolving security needs of its customers.
This news is based on a press release statement.
In other recent news, Radware has delivered a strong performance in the first quarter of 2024, surpassing expectations with a revenue of $65 million and non-GAAP earnings per share of $0.16. The company's robust growth is attributed to a favorable business environment and significant expansion in its cloud security business. This growth is reflected in an 8% year-over-year increase in adjusted Annual Recurring Revenue (ARR) and a 22% year-over-year growth in cloud ARR.
The company's subscription revenues, which made up 46% of the total revenue, and a new DDoS scrubbing center in Paris, further highlight its recent developments. Radware's outlook for the second quarter remains positive, with anticipated revenue between $65-67 million and non-GAAP diluted net earnings per share of $0.15 to $0.17.
Despite a slight decrease in adjusted EBITDA, the company reported a healthy cash flow from operations of $21.1 million, marking a significant improvement from the negative cash flow in the same quarter of the previous year.
Radware also repurchased shares worth approximately $840,000 and concluded Q1 with a strong cash position.
The company plans to continue investing in AI to combat evolving cyber threats and reduce inventory levels throughout 2024.
InvestingPro Insights
As Radware Ltd. (NASDAQ:RDWR) prepares to share its Q2 2024 financial performance, recent data from InvestingPro sheds light on some key aspects that may interest stakeholders. Radware has demonstrated a strong commitment to enhancing shareholder value, as evidenced by management's aggressive share buyback strategy, an InvestingPro Tip that aligns with the company's focus on financial stewardship. Additionally, Radware's balance sheet reflects a solid financial position, holding more cash than debt, which is a reassuring sign for investors concerned about the company's solvency and long-term stability.
From a financial metrics standpoint, Radware's market capitalization stands at $763.45 million USD. Despite a challenging revenue growth environment, with a -10.88% change over the last twelve months as of Q1 2024, the company boasts an impressive gross profit margin of 80.1%. This figure indicates a strong ability to control costs and maintain profitability on its core services. Furthermore, the company's share price is at 87.25% of its 52-week high, reflecting investor confidence and market valuation.
For investors seeking additional insights, there are 9 more InvestingPro Tips available, which can provide a deeper understanding of Radware's financial health and growth prospects. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and stay ahead with comprehensive analysis and data-driven investment strategies.
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