Shares of Rapid7 Inc. (NASDAQ: RPD) surged 5.65% in pre-market trading on November 7, 2024, after the cybersecurity solutions provider reported better-than-expected third-quarter results and provided an optimistic outlook for the full year.
The Boston-based company reported revenue of $214.65 million for the quarter ended September 30, 2024, an 8% increase from the same period last year. Earnings per share (EPS) came in at $0.66, beating analysts' estimates of $0.52 and marking a significant improvement from the $0.50 EPS reported in Q3 2023.
Rapid7's strong performance was driven by a 17% year-over-year increase in international revenue, which now accounts for nearly a quarter of total revenue. The company also reported robust growth in its recurring product subscription revenue, which rose 8% year-over-year to $206 million. Additionally, Rapid7 maintained healthy margins, with a product gross margin of 76% and a total gross margin of 74% for the quarter.
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