rubric Shares soared 22% on Friday after the data management company released big fiscal third-quarter numbers and raised its outlook.
The stock, which debuted on the market in April 2024, had its second-best day on record.
LSEG said sales rose 48% year over year to $350 million, beating the average analyst estimate of $320 million. In a statement late Thursday, Rubrik reported adjusted earnings of 10 cents per share, compared with analysts’ expectations for a loss of 17 cents per share.
The company raised its revenue guidance for the current fiscal year to a range of $1.28 billion to $1.282 billion, up from a previous high of $1.237 billion.
CEO Bipul Sinha told CNBC’s “Closing Bell: Overtime” Thursday that the company’s strength in cyber resiliency and recent efforts to protect artificial intelligence agents are driving the company’s rapid growth.
“The biggest worry companies have when hiring an agent is not knowing what’s going on,” Sinha said. “What are these agents doing? Are they hallucinating? Do they have guardrails? And if they make mistakes, can we undo those mistakes?”
For the three months ended Oct. 31, Rubrik’s net loss was $63.83 million, or 32 cents per share, down sharply from a net loss of $130.91 million, or 71 cents per share, in the year-ago period.
Rubrik is winning business by displacing traditional vendors, Sinha said on an earnings call with analysts Thursday.
He said one of Asia’s largest banks, along with Fortune 250 professional services firms, chose Rubrik over a long-term vendor due to the growth of AI and the evolving threat of cyberattacks.
“Cyberattacks are becoming more prevalent as attackers leverage AI,” Sinha told CNBC. “Therefore, we are in the early stages of a very large market that we believe will continue to grow rapidly for the foreseeable future.”
