Your question, please.
Analysts also expect to see strong Over the last 3 months, EPS estimates have seen 20 upward revisions and 0 downward. CrowdStrike (OTC:CRWD) is scheduled to announce Q2 earnings results on Wednesday, September 2nd, after market close. We also continue to see rapid module adoption by new and existing customers, which is a key tenet of our growth strategy. So, you know, you touched on the digital piece and we spent a lot of time having the platform sell itself with in-app trials and the ability to instrument what customers are doing and really be able to take that information and convert that into sales. Is adoption of new cloud products just scaling really quickly so that your gross margins are improving a little bit faster and there's some flow-through there?
We -- the way that process works, sales team works with financing to develop the capacity planning, then, we look at the capacity planning and then we take it and we put it into our financial models, and we come out with a range of unit economics that we get comfortable with.
Well, we have seen, I think, an acceleration in that area and the shift because as people are trying to execute on their digital transformation plans, they actually figured out they need a security transformation first. CrowdStrike swung to a Q2 profit as sales beat estimates. Cash and cash equivalents increased to approximately $1.1 billion. CrowdStrike's single lightweight agent that can be deployed in seconds and does not require reboot significantly set us apart from the competition and was a large contributor in accelerating this customer's time to value. The company added $104.5 million to its net new average run rate (ARR) year over year, achieving $790.6 million, up 87% from the year-ago quarter. The next customer win I will share is with the leading airline and shows how even companies in severely impacted industries are willing to change course during this critical time and under immense budget constraints in order to have security that just works. Thank you. Your line is open. We integrate with their marketplace in Store. This quarter, the percentage of all subscription customers with four more modules increased to 57% and those with five or more modules increased to 39%. Returns as of 10/17/2020.
However, professional services gross margin contracted 380 bps to 39.3%. We're -- we're excited about the quarter and we look forward to talking to everyone next quarter. Yeah. Rival Palo Alto Networks (NYSE: PANW) is set to report quarterly results on Wednesday. Non-GAAP net income in Q2 was $7.9 million or $0.03 on a diluted per share basis.
Thank you. While the competition was trying to leverage their bundled license structure along with their cloud hosting relationship, they could not produce one single reference that could speak to the quality of their managed services. With a rapid transition to working and socializing from home, Zoom experienced a surge in popularity and became a target for bad actors looking to exploit its success. Current technology will soon be outdated and replaced by these new devices. expect the Sunnyvale, California- based firm to report a loss of 23 cents per We could not be more pleased with the team's continued execution and every CrowdStriker's commitment and drive to take our company to new heights, even in light of the current macro uncertainty.
Also read: CrowdStrike Q2 2020 Earnings Preview.
Crowdstrike had recently announced a $20 million fund to invest in startups that focus on endpoint protection, in association with venture capital firm Accel.
Stock Advisor launched in February of 2002. Your line is open.
Market data powered by FactSet and Web Financial Group. During the latest quarter, total revenue increased 84% year over year, with subscription revenue making up a majority of this and increasing 89% to $184.3 million. growth in subscriber additions and annual recurring revenue. This includes personalizing content and advertising. A month after that, it reported its maiden quarterly results, where revenues doubled year-over-year to $96.1 million, surpassing Wall Street expectation. However, in order to adapt to the new realities of a work-from-anywhere model, they embraced cloud, accelerated their digital transformation plans, and in the process realized they also needed to transform their security architecture and gain visibility into their endpoints. Our next question comes from Gray Powell of BTIG. As a quick reminder, unless otherwise noted, all numbers, except revenue mentioned during my remarks today are non-GAAP. I don't know that I have an exact answer.
The consensus EPS Estimate is -$0.01 (+94.4% Y/Y) and the consensus Revenue Estimate is $188.56M (+74.4% Y/Y).
For the third quarter of 2020, CrowdStrike expects total revenue of $117.1-119.5 million.
Some better-ranked stocks in the broader technology sector include Apple (AAPL - Free Report) , Lam Research Corporation (LRCX - Free Report) and Synaptics (SYNA - Free Report) , all sporting a Zacks Rank #1 (Strong Buy), at present. While this organization had been a professional services client in the past and a threat intel customer for some time, they were averse to cloud technologies and entrenched with legacy on-premise vendors. For modeling purposes, please note that if we report positive net income in Q3, we expect our share count to be 235 million fully diluted shares versus 219 million basic shares if we report a net loss.
You spoke a lot about cloud workloads today and I understand it's based on metered billing versus on a per endpoint basis. Non-GAAP operating margin for the quarter was 3.9%.
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