Darktrace stock surges as cybersecurity firm raises revenue outlook

Shares in AI cybersecurity firm Darktrace (LSE: DARK) jumped over 8% on Thursday after the Cambridge-based company increased its revenue guidance on the back of strong first-half growth.

Darktrace said it expects full-year fiscal 2024 revenue to climb between 23-24.5%, up from its previous target of 22-23.5%, after posting a 27% revenue rise to $329.6 million for the six months ended December 31. The company’s adjusted EBITDA margin also topped guidance in the first half.

“Following the roll-out of significant go-to-market changes that impacted performance in our first quarter, we were very pleased to see the resulting benefits play out in our strong second quarter financial performance,” commented Chief Financial Officer Cathy Graham.

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Looking ahead, Darktrace said it remains well-positioned to capitalise on the substantial market opportunity for AI-powered cybersecurity products as cyber threats become more advanced.

The company’s shares have rallied over 45% over the past 12 months. It will publish full first half results on March 7th.