Absolute Software Corporation - ABST STOCK NEWS

Absolute Software has released its 2023 Resilience Index, revealing that growing complexity in enterprise device environments, particularly OS fragmentation and numerous applications, is detrimental to security and compliance. Key findings indicate that over 80% of devices run on Microsoft Windows OS with many variations complicating security management. The report highlights that more than 30% of critical security applications are either not installed or outdated. Interestingly, enabling Absolute's self-healing capabilities improved app health by up to 52%. As hybrid work continues to strain IT resources, organizations are urged to acknowledge the critical need for effective security measures to protect devices against evolving threats. The report's data is derived from 14 million Absolute-enabled devices, reflecting trends across North America, Europe, and APAC.

Absolute Software (NASDAQ: ABST) has declared a quarterly dividend of CAD$0.08 per share, payable on May 24, 2023, to shareholders of record by May 11, 2023. This dividend qualifies as an eligible dividend under the Income Tax Act in Canada. Additionally, the company is set to release its Q3 Fiscal 2023 financial results on May 15, 2023, after market close. A conference call scheduled for the same day at 5:00 p.m. ET will discuss these results and the company's business outlook. Absolute Software is recognized for its intelligent security solutions, embedded in over 600 million devices, serving nearly 20,000 customers. The company has been acknowledged as a leader in Endpoint Management and Zero Trust Networking.

Absolute Software (NASDAQ: ABST) announced on April 4, 2023, a restructuring plan aimed at reducing operating expenses. This involves a headcount reduction of approximately 40 employees, or 5% of total staff, and a decrease in office space. The restructuring is expected to incur non-recurring charges between $1.8 million and $2.8 million, primarily related to severance and facility costs. Most of these charges will be recognized in the fourth quarter of fiscal 2023, although legal factors may extend this timeline. Absolute Software, noted for its self-healing security solutions, is recognized by nearly 20,000 customers and embedded in over 600 million devices, positioning itself strongly against cyber threats.

Absolute Software (NASDAQ: ABST) has been added to the multi-year NASPO ValuePoint Cloud Solutions contract held by SHI, enhancing accessibility of its Secure Endpoint and Secure Access products for States, Local Governments, and Educational institutions. This partnership aims to strengthen cyber resilience for government agencies through self-healing security solutions. With over 600 million devices supported and nearly 20,000 customers, Absolute continues to be recognized as a leader in endpoint management and zero trust networking.

Absolute Software (NASDAQ: ABST) has announced the expansion of its Application Resilience ecosystem, now supporting over 70 mission-critical applications, including eClinicalWorks and HCL BigFix. This enhancement aims to provide resilient security controls to protect devices and sensitive data in today’s work-from-anywhere environments. The company reported a 26% year-over-year increase in customer devices using Application Resilience, with a 42% rise in devices autonomously monitoring and repairing applications. This advance is critical for maintaining security standards and compliance.

Absolute Software (NASDAQ: ABST) announces its presentation at the Raymond James 44th Annual Institutional Investors Conference on March 8, 2023, at 11:35 am Eastern Time. This event will showcase Absolute's position as the only provider of self-healing, intelligent security solutions, embedded in over 600 million devices.

Absolute has been recognized as a Leader in both the Winter 2023 Grid® Report for Endpoint Management and the Grid Report for Zero Trust Networking. With nearly 20,000 customers, the company is committed to enhancing cyber resilience against increasing threats.

Absolute Software (Nasdaq: ABST) reported robust Q2 fiscal 2023 results, achieving revenue of $57.2 million, a 17% year-over-year increase. Adjusted Revenue rose 9% to $57.7 million. The company’s Annual Recurring Revenue (ARR) hit $225.0 million, a 15% increase, driven by a strong 18% growth in Enterprise and Government ARR. Despite this, the net loss expanded by 37% to $7.0 million, and cash from operating activities plummeted 94% to $0.9 million. New guidance predicts 10% to 12% full-year growth in Adjusted Revenue.