Rubrik shares slip after-hours despite first-quarter beat and raised outlook
Shares in Rubrik Inc. fell more than 2% in late trading today despite the security and AI operations company reporting beats in revenue and earnings in its fiscal first quarter and raising its outlook for the full year.
For the quarter that ended on April 30, Rubrik reported adjusted earnings of 16 cents per share, reversing a loss of 15 cents per share in the same quarter a year earlier, on revenue of $387.1 million, up 39% year-over-year. Both figures came in ahead of analysts’ expectations of a loss of three cents per share on revenue of $366.3 million.
Subscription revenue led the result, rising 41% year-over-year to $374.2 million. Subscription annual recurring revenue grew 32%, to $1.57 billion, as of April 30, and the company counted 2,946 customers with subscription annual recurring revenue of $100,000 or more, up 24% from a year earlier.
Rubrik posted a net loss of $41.9 million, or 21 cents per share, narrowing sharply from a loss of $102.1 million, or 53 cents per share, a year ago. Cash flow from operations was $81.7 million, up from $39.7 million and free cash flow reached $73.6 million for a free cash flow margin of 19%. The company ended the quarter with $1.75 billion in cash, cash equivalents and short-term investments.
