Qualys Reports Strong Q3 2024 Growth and Raises Guidance

Qualys Inc ( (QLYS) ) has released its Q3 earnings. Here is a breakdown of the information Qualys Inc presented to its investors.

Qualys, Inc. is a pioneering cloud-based security and compliance solutions provider, serving over 10,000 clients globally, including many Fortune 100 companies. The company is known for its innovative approach to IT security and compliance solutions, providing a unified platform for vulnerability detection and risk management.

In its third quarter of 2024, Qualys reported a year-over-year revenue growth of 8%, reaching $153.9 million. The company’s GAAP earnings per share were $1.24, with non-GAAP earnings per share at $1.56. Qualys also raised its revenue guidance for the year, projecting between $602.9 million to $605.9 million.

Key financial highlights include a GAAP gross profit increase of 8% to $125 million and a slight decrease in GAAP net income by 1% to $46.2 million. Non-GAAP net income rose to $58 million, indicating a solid financial stance despite a decrease in operating cash flow by 34% compared to the previous year. The company’s strategic initiatives included the launch of new solutions like TruRisk Eliminate and TotalAI, which aim to enhance cybersecurity measures for clients.

The company continues to maintain a strong market position with recognition from industry analysts and reports, such as the GigaOm Radar Report for Continuous Vulnerability Management, highlighting its leading vulnerability management solutions. Qualys’ focus on innovation and strategic expansion into areas like AI security reinforces its competitive edge.

Looking forward, Qualys remains optimistic about its growth trajectory, emphasizing its commitment to technological innovation and maintaining profitability. The company expects continued revenue growth and increased earnings per share, driven by strategic product launches and expansion into emerging security markets.