Secureworks Corp Stock Price, News & Analysis

Secureworks (NASDAQ: SCWX) reported third quarter revenue of $141.6 million, reflecting a 0.2% increase from the previous year. Both GAAP gross margin and non-GAAP gross margin reached record highs of 57.9% and 60.7%, respectively. The company witnessed a significant growth in annual recurring revenue (ARR) of 25% from its Threat Detection and Response and Managed Detection and Response offerings. Non-GAAP net income improved to $6.7 million or $0.08 per share, up from $0.8 million or $0.01 per share in the prior year.

Secureworks, a leader in software-driven security solutions, is enhancing its Threat Detection and Response (TDR) application to improve customer protection. Key updates include flexible log collection, a new search query language, and customizable alerts. These enhancements aim to bolster detection capabilities against both known and unknown threats, reinforcing TDR as a viable SIEM alternative. The improved application supports data from various sources and enhances reporting features, aiding security operations teams in decision-making and incident response.

Secureworks (NASDAQ: SCWX) has announced the release of its third quarter fiscal 2021 financial results, scheduled for December 3, 2020, before U.S. market opening. A live audio webcast will accompany the results at 8:00 a.m. ET. The company is also hosting a virtual Investor Day Conference on December 8, 2020, at 9:00 a.m. ET, showcasing its strategic vision to become a leading SaaS-based cybersecurity provider. This conference will feature key executives discussing future plans and developments.

Secureworks (NASDAQ:SCWX) has completed its acquisition of Delve, enhancing its software portfolio with new vulnerability management capabilities. The Delve SaaS solution leverages AI and machine learning to automate vulnerability detection and prioritization across various environments. This integration aims to bolster Secureworks' cloud-based offerings and improve security insights for customers. The solution is set to be available by the end of the fiscal quarter, marking a significant step in Secureworks’ transition to a software-focused security provider.

Secureworks (NASDAQ: SCWX), recognized as a leader in the IDC MarketScape 2020 Vendor Assessment, announced a strategic focus on software-driven cybersecurity solutions. The report underscores Secureworks' commitment to enhancing its Red Cloak Threat Detection and Response capabilities, indicating significant investment in SaaS. With over 200 customers adopting this solution, Secureworks demonstrates its evolving position in the market, aiming to outmaneuver cyber threats effectively.

Secureworks (NASDAQ: SCWX) reported a strong second quarter for fiscal 2021, with revenue of $138.5 million, a 1.4% increase year-over-year. GAAP gross margin rose to a record 56.7%, while non-GAAP gross margin improved to 59.7%. The company achieved a 32% sequential growth in annual recurring revenue from its Red Cloak™ offerings. Secureworks announced its intent to acquire Delve Laboratories to enhance automation capabilities. The firm ended the quarter with $181.5 million in cash and reduced its GAAP net loss significantly from $10.3 million to $1.2 million.

Secureworks (NASDAQ: SCWX) announced the acquisition of Delve, a company specializing in automated vulnerability management powered by AI and machine learning. This strategic move aims to enhance Secureworks' Red Cloak™ Platform and Threat Detection and Response (TDR) application. The Delve solution automates asset discovery, vulnerability scanning, and remediation planning, addressing customer needs for scalable security solutions. The acquisition is expected to close in Secureworks' fiscal third quarter of 2021, subject to customary conditions.

Secureworks (NASDAQ: SCWX) will release its second quarter fiscal 2021 financial results on September 9, 2020, before U.S. stock market trading begins. Following the release, the company will hold a conference call at 8:00 a.m. ET to discuss the results. Investors can access a live audio webcast on Secureworks' website, which will be archived for one year. Secureworks specializes in cybersecurity solutions, leveraging over 20 years of threat intelligence to provide innovative security platforms.

Talent 101, a managed service provider of Security Operations Center solutions, has joined the Secureworks Global Partner Program to enhance cybersecurity for its clients. This collaboration allows Talent 101 to leverage the Secureworks Red Cloak Analytics Platform for improved threat detection and response. Secureworks, processing over 310 billion cyber events daily, aims to empower businesses by offering modern security solutions. Talent 101's partnership with Secureworks positions them to serve a growing demand for robust cybersecurity measures amidst increasing digital threats.