SecureWorks Shares Drop 6.6%

SecureWorks Corp. has recently released its 10-Q report, providing a detailed insight into the company's financial condition and performance. SecureWorks is a leading global cybersecurity provider, offering technology-driven information security solutions to protect its customers from security breaches and malicious activity. The company's solutions include software-as-a-service, managed security services, and professional services, catering to various industries such as financial services, manufacturing, technology, retail, insurance, utility, and healthcare sectors. SecureWorks was founded in 1999 and is headquartered in Atlanta, Georgia.

In its 10-Q report, SecureWorks emphasized the importance of its Taegis security platform, which is designed to process a wide variety of telemetry to detect security threats quickly and leverage customers' existing investments. The company's solutions aim to prevent security breaches, detect malicious activity, respond rapidly to security breaches, and identify emerging threats. SecureWorks reported a Taegis subscription customer base of 2,000 and a total customer base of 3,400 as of May 3, 2024. The company's total annual recurring revenue was $287.9 million, with the Taegis annual recurring revenue standing at $287.5 million. Additionally, the Taegis average subscription revenue per customer was $144.9 thousand, while the total average subscription revenue per customer was $144.1 thousand as of the same date.

SecureWorks highlighted key factors affecting its performance, including the adoption of technology-driven solutions, investment in technology and threat intelligence research, introduction of new security solutions, investments in expanding the customer base, embracing the partner ecosystem, deepening customer relationships, and investment in its workforce. The company's net revenue retention rate is an important measure of its success in retaining and growing revenue from its subscription-based customers. SecureWorks' 10-Q report provides a comprehensive overview of its financial condition and operational performance, reflecting its continuous efforts to innovate and provide effective cybersecurity solutions to its customers. Following these announcements, the company's shares moved -6.6%, and are now trading at a price of $6.36. Check out the company's full 10-Q submission here.

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