MAHWAH, N.J. - Radware (NASDAQ: NASDAQ:RDWR), a global leader in cybersecurity and application delivery solutions, has announced the launch of two new cloud services aimed at enhancing digital security and user experience. The company's latest offerings, Domain Name System as a Service (DNSaaS) and NoKey, provide organizations with advanced tools for managing application delivery and security.
Today, Radware unveiled DNSaaS, an addition to its cloud application delivery services, which includes features such as a centralized management console, customizable health checks, flexible routing options, and real-time analytics. This service is designed to ensure high availability and performance of applications, while also providing robust security measures.
In conjunction with DNSaaS, Radware introduced NoKey, a solution that integrates with third-party hardware security modules (HSMs) to protect, store, and manage private keys used in SSL encryption. This allows customers to handle encrypted traffic through Radware's Cloud Application Protection Service without compromising the security of their SSL keys.
Gabi Malka, Radware's Chief Operations Officer, emphasized the importance of these new services in safeguarding an organization's digital presence and highlighted the convenience they bring to customers. Chris Rodriguez, IDC's Research Manager of Cybersecurity Products, also noted the complexity of application security management and commended Radware's DNSaaS for its comprehensive and integrated approach.
These service expansions are part of Radware's strategy to provide a unified platform for application and network security. The company has been recognized by industry analysts for its market leadership in cybersecurity, including accolades from Aite-Novarica Group, Forrester Research (NASDAQ:FORR), Gartner (NYSE:IT), GigaOm, KuppingerCole, and Quadrant Knowledge Solutions.
The announcement is based on a press release statement.
In other recent news, Radware Ltd. has reported robust growth for the first quarter of 2024, with revenues reaching $65 million and non-GAAP earnings per share of $0.16. This performance, which surpasses expectations, is attributed to a favorable business environment and a significant expansion in its cloud security business. The company has also scheduled its second-quarter 2024 earnings call, a significant event that investors and analysts will be closely watching.
In addition to these earnings results, the company experienced an 8% year-over-year increase in adjusted Annual Recurring Revenue (ARR) and a 22% year-over-year growth in cloud ARR. Subscription revenues, which constituted 46% of the total revenue, and the launch of a new DDoS scrubbing center in Paris are among the 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. The company also repurchased shares worth approximately $840,000 and concluded Q1 with a strong cash position.
These are the latest developments from Radware.
InvestingPro Insights
In light of Radware's (NASDAQ: RDWR) recent expansion of cloud services, a glance at the company's financial health and market performance provides an insightful backdrop. InvestingPro data indicates a market capitalization of $748.82 million, underscoring the company's significance in the cybersecurity sector. Despite a challenging revenue trajectory with a decrease of 10.88% over the last twelve months as of Q1 2024, Radware boasts an impressive gross profit margin of 80.1% in the same period. This suggests that while the company may be experiencing top-line pressure, its core operations remain highly efficient.
InvestingPro Tips highlight several strategic financial moves by Radware's management, including aggressive share buybacks, which can signal confidence in the company's future and potentially enhance shareholder value. Additionally, Radware holds more cash than debt on its balance sheet, providing a solid liquidity position that could support further investment in innovation and growth initiatives like the newly launched DNSaaS and NoKey services.
It's also worth noting that Radware has not been profitable over the last twelve months, but analysts predict the company will turn a profit this year. This forward-looking optimism is reinforced by two analysts revising their earnings upwards for the upcoming period, which could indicate a favorable shift in the company's financial trajectory.
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