According to a recent report by Research and Markets, the global cyber security market is expected to grow from $152.71 billion in 2018 to $248.26 billion by 2023 at a CAGR of 10%. Earlier this week, cloud-based security player Qualys (Nasdaq: QLYS) reported its third-quarter results that surpassed market expectations for the fourth consecutive quarter.
Qualys’ Financials
Qualys saw its third-quarter revenues grow 21% over the year to $71.7 million, ahead of the market’s estimates of $71.3 million. GAAP net income for the quarter came in at $23.5 million, compared with $8.5 million reported a year ago. Adjusted EPS of $0.49 was also better than the market’s forecast of $0.38 for the quarter.
For the current quarter, Qualys forecast revenues of $73.7-$74.5 million with an EPS of $0.39-$0.41. It expects to end the year with revenues of $278.4-$279.2 million and an EPS of $1.46-$1.50. The Street was looking for Q4 revenues of $74.58 million with an EPS of $0.37 and full year revenues of $278.9 million with an EPS of $1.49.
Qualys’ Acquisition
Qualys is building its technology and market offerings through several acquisitions. It recently announced plans to acquire the Container-Native security player Layered Insight for an undisclosed sum.
Pleasanton, California-based Layered Insight delivers visibility into applications running inside containers, thus enabling organizations to set policies, automate enforcement, and detect breaches during runtime. It is able to extend these capabilities to serverless container environments including those on Amazon Fargate and Microsoft Azure Container Instances. Qualys plans to integrate these technologies into its solution to offer its customers coverage of inventory, vulnerability management, and compliance. The acquisition should bring orchestration capabilities to Qualys’s Container Security solution and enable Qualys to address the issues of visibility into and security of container images.
