Welcome to our dedicated page for SecureWorks news (Ticker: SCWX), a resource for investors and traders seeking the latest updates and insights on SecureWorks stock.
SecureWorks Corp (NASDAQ: SCWX) is a global leader in cybersecurity, dedicated to helping customers and partners stay ahead of cyber threats. With over 20 years of threat intelligence and research, SecureWorks leverages its extensive experience to deliver cutting-edge security solutions. The company offers a cloud-native, SaaS-based security platform, SecureWorks® Taegis™, which integrates advanced security analytics, AI, and automation to detect and respond to advanced threats.
SecureWorks provides a comprehensive suite of services including Managed Detection and Response (MDR), Extended Detection and Response (XDR), Threat Hunting, Log Management, Next-Generation Antivirus (NGAV), Endpoint Detection and Response (EDR), and Intrusion Detection and Prevention Systems (IDPS). These solutions empower organizations to enhance their cyber defenses, detect malicious activities in real-time, prioritize security incidents, and predict emerging threats.
Recently, SecureWorks has achieved several milestones, including the expansion of its Partner First ecosystem with market-leading global partners and delivering consistent market-leading growth through its Taegis platform. The company's latest innovation, the AI-powered Threat Score, reduces security analyst workload by over 50% by prioritizing alerts based on the likelihood of negative impact.
Financially, SecureWorks has demonstrated solid performance, meeting its financial commitments and showing progress towards achieving profitability. In Q3 of fiscal 2024, the company reported growth in its Taegis business and expanded its gross margin, driven by operational efficiencies and ongoing investments in AI and open cloud architecture.
SecureWorks has also formed strategic partnerships, such as the collaboration with SentinelOne, to enhance cyber resilience by integrating threat intelligence and technology. This partnership aims to simplify risk management and reduce response times for organizations globally.
The company's commitment to innovation and customer success is evident through continuous enhancements to its product offerings and the integration of vulnerability risk context with threat detection. This holistic approach ensures that SecureWorks customers can prevent, detect, and respond to cyber threats more effectively.
SecureWorks Corp remains at the forefront of the cybersecurity industry, providing unmatched expertise and advanced solutions to protect organizations from evolving cyber threats.
Secureworks (NASDAQ: SCWX) has appointed Alpana Wegner as Chief Financial Officer (CFO) effective June 9, 2023, and Allan Peters as Chief Revenue Officer (CRO) effective May 8, 2023. Both executives bring over 20 years of experience in software and cybersecurity. Wegner previously served as CFO at Benefitfocus and has held leadership roles at Blackbaud and Allied Waste Industries. She aims to drive sustainable growth for Secureworks. Peters, with a background in scaling security software firms, previously worked at Qualys and Trustwave, and is positioned to enhance revenue from the Taegis platform. The transitions follow the retirement of former CFO Paul Parrish, effective May 5, 2023. CEO Wendy Thomas expressed confidence in their ability to seize market opportunities and deliver superior security outcomes.
Secureworks (NASDAQ: SCWX) reported its fourth-quarter and full fiscal year 2023 results, with annual recurring revenue (ARR) from Taegis reaching $261 million, a 58% year-over-year increase. Taegis revenue grew by 106% to $60.2 million in Q4. However, total revenue for Q4 declined to $115.3 million from $127.9 million, and GAAP net loss widened to $40 million, or $0.47 per share, compared to a loss of $8.8 million, or $0.11 per share, in Q4 2022. For fiscal 2023, total revenue was $463.5 million, down from $535.2 million, with GAAP net loss at $114.5 million. Looking ahead, Secureworks expects FY24 revenue between $380 million and $400 million.
Secureworks (NASDAQ: SCWX) has launched its Taegis™ Security Posture Dashboard, designed to help organizations evaluate their cybersecurity strengths against industry peers. The Dashboard analyzes over 600 billion security events daily and utilizes data from 1,600 Taegis customers to provide actionable insights for improving cyber defenses. Key features include alerts per endpoint, investigation response metrics, and confirmed security threats comparisons. This tool is offered free to all Taegis customers and aims to enhance cyber readiness in an increasingly regulated environment.
Secureworks (NASDAQ: SCWX) announced it will release its fourth quarter and full year fiscal 2023 financial results on March 23, 2023, before the market opens. A conference call will be held at 8:00 a.m. ET to discuss the results, with a live audio webcast available on the company's website. Secureworks is a leading cybersecurity firm, known for its cloud-native security analytics platform, Secureworks Taegis™, which leverages over 20 years of cybersecurity expertise to enhance threat detection and response.
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