Israel's Radware Q3 revenue rises to record high on cloud demand
RDWR•Radware's third-quarter revenue rose 12% year over year to a record $84.4 million. Non-GAAP diluted EPS slipped to $0.32, while cloud annual recurring revenue increased 21% to $107 million.
1. Revenue and earnings
Radware reported third-quarter revenue of $84.36 million, up 12% year over year and above the $83.03 million consensus estimate. Non-GAAP diluted EPS slipped to $0.32, with results impacted by currency headwinds. Net income was $2.64 million.
2. Cloud demand
The company said robust demand for application security solutions drove cloud bookings and large-deal activity. Cloud annual recurring revenue grew 21% year over year to $107 million, and Radware said expanded AI security capabilities contributed to increased customer adoption.
3. Currency and outlook
Radware said appreciation of the Israeli shekel adversely affected expenses in the quarter. It said customer demand remains robust and expects continued adoption of its cloud security platform with new AI capabilities.
