Rubrik Inc. (RBRK) delivered a strong second-quarter performance, exceeding analyst expectations for both earnings and revenue. The company reported a quarterly loss of 40 cents per share, beating the consensus estimate of 49 cents. Revenue for the quarter reached $204.951 million, surpassing the analyst estimate of $196.209 million by 4.46%.
One of the key highlights of the report was the impressive growth in subscription revenue. Subscription ARR (Annual Recurring Revenue) surged by 40% year-over-year, reaching $919.1 million. This reflects the increasing demand for Rubrik’s cyber resilience solutions. Subscription revenue itself saw a remarkable 50% increase to $191.3 million compared to $127.5 million in the second quarter of fiscal 2024.
Rubrik’s CEO, Bipul Sinha, emphasized the growing importance of cyber resilience in today’s world. He stated, “The long list of recent successful cyber attacks and IT outages is driving organizations to increasingly recognize the need for a robust cyber resilience plan to ensure business continuity in the face of cyber disruptions. Our Subscription ARR up 40% year-over-year in the second quarter to $919 million showcases the value we provide to enterprises in delivering complete cyber resilience, which combines cyber recovery and data security posture management.”
The company also reported a significant increase in its customer base. Rubrik now boasts 1,969 customers with $100K or more in Subscription ARR, representing a 35% year-over-year growth. This demonstrates the company’s ability to attract and retain large enterprise clients.
Looking ahead, Rubrik anticipates losses of between 41 cents and 39 cents per share for the third quarter, compared to the estimate of losses of 43 cents. Revenue for the quarter is expected to be in the range of $216.5 million to $218.5 million, versus the $215.15 million estimate. For the full fiscal year, Rubrik expects losses of between $2.12 and $2.06 per share, compared to the estimate of losses of $2.28 per share. Full-year revenue is projected to be between $830 million and $838 million, exceeding the $818.45 million estimate.
Following the release of these results, Rubrik shares declined by 4.05% in after-hours trading. The company will host a conference call at 5 p.m. ET to discuss the results in greater detail.
