Secureworks Corp Stock Price, News & Analysis

Secureworks (NASDAQ: SCWX), a leader in cybersecurity, is set to present at the 25th Annual Needham Growth Conference on January 11, 2023, at 1:30 p.m. Eastern Time. The presentation will be accessible via a live webcast on Secureworks' Investor Relations website, which will also host an archived version post-event. Secureworks is renowned for its Secureworks Taegis™, a cloud-native security analytics platform, enhancing threat detection and response capabilities for clients.

Secureworks (NASDAQ: SCWX) reported Q3 fiscal 2023 results, highlighting an 80% year-over-year growth in Taegis™ annual recurring revenue (ARR), reaching $222 million. The company added 800 new Taegis customers, totaling 1,600.

However, total revenue declined to $110.9 million from $133.7 million year-over-year. GAAP net loss increased to $28.1 million, or $0.33 per share, compared to a loss of $12.9 million, or $0.15 per share, last year. The full-year revenue guidance is set between $456 million and $460 million.

Secureworks (NASDAQ: SCWX) announced the launch of its Partner First strategy in North America, effective December 1, 2022, to boost market share by collaborating with partners on Taegis sales. In Q2 FY23, over 75% of new Taegis business was partner-driven, with Taegis XDR achieving 100% ARR growth. This strategy aims to enhance partner relationships and empower them to better serve customers while securing long-term profitability. This transformation signals a shift from MSSP to a comprehensive cybersecurity provider.

Secureworks (NASDAQ: SCWX) plans to release its third quarter fiscal 2023 financial results on December 1, 2022, before U.S. market opens. The company will host a conference call at 8:00 a.m. ET to discuss the results, which will be available via a live audio webcast on its website. Secureworks is recognized as a global cybersecurity leader, leveraging its Taegis™ platform and over 20 years of threat intelligence to enhance security for its customers.

Secureworks (NASDAQ: SCWX) is set to launch its Taegis XDR platform in Japan on November 1, 2022, enhancing cybersecurity for Japanese organizations. With a notable 87% increase in ransomware incidents reported in early 2022, the need for improved cyber defenses is critical. Taegis, a cloud-native security solution, integrates third-party tools and proprietary data for superior threat detection. The launch aligns with Secureworks' global growth strategy and the rising demand for advanced cybersecurity solutions in Japan.

Secureworks (NASDAQ:SCWX) released its 2022 State of the Threat Report, revealing that 52% of ransomware incidents were initiated through vulnerabilities in remote services, surpassing credentials-based attacks. The report indicates a 150% increase in infostealers, which are now critical precursors to ransomware. Despite some law enforcement successes against ransomware, it remains a significant threat, with more than a quarter of all cyber attacks classified as such. The report underscores the necessity for organizations to adopt effective risk prioritization strategies to stay ahead of evolving threats.

Secureworks (NASDAQ: SCWX) reported Q2 fiscal 2023 results with overall revenue of $116.2 million, down from $134.2 million YoY. However, Taegis™ annual recurring revenue (ARR) surged 100% to $201 million, with 800 new customers added, achieving a total of 1,500. Taegis revenue rose 131% year-over-year to $42.8 million. Despite these highlights, the company posted a GAAP net loss of $24.7 million, or $0.29 per share, compared to a loss of $11.8 million last year. For Q3, revenue is expected between $111-$113 million, with a full-year loss forecasted at $110-$114 million.

Secureworks (NASDAQ: SCWX) has expanded its open XDR platform Taegis to enhance security across Operational Technology (OT), Industrial Control Systems (ICS), and Secure Access Service Edge (SASE) environments. This expansion is part of new partnerships with Netskope and SCADAfence, aimed at improving detection and response capabilities for organizations. The integration allows for a unified view of cybersecurity threats, offering better asset discovery and context for investigations, thereby enhancing the overall security infrastructure for customers.

Secureworks (NASDAQ: SCWX) has announced plans to release its second quarter fiscal 2023 financial results on September 1, 2022, before U.S. market opening. The company will also host a conference call at 8:00 a.m. ET that day to discuss the results, which will be available via live audio webcast on the company's website. Secureworks is a leader in cybersecurity, utilizing its Secureworks Taegis platform to enhance threat detection and investigation capabilities, supported by over 20 years of threat intelligence.