Corero Network Security Announces H1 Financial Results
Rhea-AI Summary
Corero Network Security (AIM: CNS) (OTCQB: DDOSF) has announced its H1 2024 financial results, reporting a 16% year-over-year revenue growth. The company, specializing in distributed denial of service (DDoS) protection, has seen significant increases in Annual Recurring Revenue (ARR) from subscription services and DDoS Protection-as-a-Service (DDPaaS). Corero also experienced substantial growth in bookings during H1, driven by rising demand for its DDoS protection solutions.
Key highlights include renewals and expansions with major clients like A2 Hosting and DigitalOcean, new partnerships with RoyaleHosting and SEMPRE, and expansion into new markets such as the Netherlands and Pakistan. The company also secured notable customer wins in Canada, Hong Kong, Israel, UK, and US.
Positive
- 16% year-over-year revenue growth in H1 2024
- Significant increase in Annual Recurring Revenue (ARR) from subscription services
- Substantial growth in bookings during H1 2024
- Renewal and expansion of agreement with A2 Hosting
- Significant contract renewal with DigitalOcean
- New partnerships with RoyaleHosting and SEMPRE
- Expansion into new markets including the Netherlands and Pakistan
- Key customer wins in Canada, Hong Kong, Israel, UK, and US
Negative
- None.
News Market Reaction – DDOSF
On the day this news was published, DDOSF gained 1.73%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company posts
Corero achieved significant year-over-year growth in Annual Recurring Revenue (ARR) from its subscription services and DDoS Protection-as-a-Service (DDPaaS). Additionally, the company saw substantial increases in bookings during the first half of the year, driven by the rising demand for its cutting-edge DDoS protection solutions.
H1 business highlights include:
16% YoY revenue growth- Renewal and expansion of the agreement with A2 Hosting
- Significant contract renewal with DigitalOcean
- Partnership with RoyaleHosting
- Partnership with SEMPRE to secure the availability of critical infrastructure
- Announced TierPoint customer win
- Growth to new markets including
the Netherlands andPakistan - Key customer wins in
Canada ,Hong Kong ,Israel ,UK , and US
"We are pleased to report that Corero is on plan and has built strong momentum as we enter the second half of the year," said Carl Herberger, CEO of Corero Network Security. "Our consistent growth in ARR and bookings underscores the market's recognition of the value and effectiveness of our DDoS protection solutions. We are confident in our ability to continue delivering robust performance and value to our shareholders."
About Corero Network Security
Corero Network Security is a leading provider of DDoS protection solutions, specializing in automatic detection and protection solutions with network visibility, analytics, and reporting tools. Corero's technology protects against external and internal DDoS threats in complex edge and subscriber environments, ensuring internet service availability. With operational centers in
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SOURCE Corero Network Security