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) reported Q3 fiscal 2023 results, highlighting an 80% year-over-year growth in Taegis™ annual recurring revenue (ARR), reaching $222 million. The company added 800 new Taegis customers, totaling 1,600.
However, total revenue declined to $110.9 million from $133.7 million year-over-year. GAAP net loss increased to $28.1 million, or $0.33 per share, compared to a loss of $12.9 million, or $0.15 per share, last year. The full-year revenue guidance is set between $456 million and $460 million.
Secureworks (NASDAQ: SCWX) announced the launch of its Partner First strategy in North America, effective December 1, 2022, to boost market share by collaborating with partners on Taegis sales. In Q2 FY23, over 75% of new Taegis business was partner-driven, with Taegis XDR achieving 100% ARR growth. This strategy aims to enhance partner relationships and empower them to better serve customers while securing long-term profitability. This transformation signals a shift from MSSP to a comprehensive cybersecurity provider.
Secureworks (NASDAQ: SCWX) plans to release its third quarter fiscal 2023 financial results on December 1, 2022, before U.S. market opens. The company will host a conference call at 8:00 a.m. ET to discuss the results, which will be available via a live audio webcast on its website. Secureworks is recognized as a global cybersecurity leader, leveraging its Taegis™ platform and over 20 years of threat intelligence to enhance security for its customers.
Secureworks (NASDAQ: SCWX) is set to launch its Taegis XDR platform in Japan on November 1, 2022, enhancing cybersecurity for Japanese organizations. With a notable 87% increase in ransomware incidents reported in early 2022, the need for improved cyber defenses is critical. Taegis, a cloud-native security solution, integrates third-party tools and proprietary data for superior threat detection. The launch aligns with Secureworks' global growth strategy and the rising demand for advanced cybersecurity solutions in Japan.
Secureworks (NASDAQ:SCWX) released its 2022 State of the Threat Report, revealing that 52% of ransomware incidents were initiated through vulnerabilities in remote services, surpassing credentials-based attacks. The report indicates a 150% increase in infostealers, which are now critical precursors to ransomware. Despite some law enforcement successes against ransomware, it remains a significant threat, with more than a quarter of all cyber attacks classified as such. The report underscores the necessity for organizations to adopt effective risk prioritization strategies to stay ahead of evolving threats.
Secureworks (NASDAQ: SCWX) reported Q2 fiscal 2023 results with overall revenue of $116.2 million, down from $134.2 million YoY. However, Taegis™ annual recurring revenue (ARR) surged 100% to $201 million, with 800 new customers added, achieving a total of 1,500. Taegis revenue rose 131% year-over-year to $42.8 million. Despite these highlights, the company posted a GAAP net loss of $24.7 million, or $0.29 per share, compared to a loss of $11.8 million last year. For Q3, revenue is expected between $111-$113 million, with a full-year loss forecasted at $110-$114 million.
Secureworks (NASDAQ: SCWX) has expanded its open XDR platform Taegis to enhance security across Operational Technology (OT), Industrial Control Systems (ICS), and Secure Access Service Edge (SASE) environments. This expansion is part of new partnerships with Netskope and SCADAfence, aimed at improving detection and response capabilities for organizations. The integration allows for a unified view of cybersecurity threats, offering better asset discovery and context for investigations, thereby enhancing the overall security infrastructure for customers.
Secureworks (NASDAQ: SCWX) has announced plans to release its second quarter fiscal 2023 financial results on September 1, 2022, before U.S. market opening. The company will also host a conference call at 8:00 a.m. ET that day to discuss the results, which will be available via live audio webcast on the company's website. Secureworks is a leader in cybersecurity, utilizing its Secureworks Taegis platform to enhance threat detection and investigation capabilities, supported by over 20 years of threat intelligence.
Secureworks (NASDAQ: SCWX) announced the appointment of Michael Aiello as its new Chief Technology Officer (CTO) on July 12, 2022. Aiello, with over 20 years of tech experience, previously led security initiatives at HUMAN Security and Google Cloud. His expertise aims to accelerate Secureworks' business transformation and enhance cybersecurity offerings through the Taegis platform. CEO Wendy Thomas emphasized Aiello's strategic mindset as key to tackling significant security challenges and driving growth.
Secureworks (NASDAQ: SCWX) reported its first quarter fiscal 2023 results, highlighting Taegis annual recurring revenue (ARR) growth of 149% year-over-year, reaching $180 million. The company added 900 customers, increasing its Taegis customer base to 1,400. Overall revenue declined to $121 million from $139.5 million in Q1 2022. A GAAP net loss of $21.6 million equated to $0.26 per share, compared to a loss of $6.4 million a year earlier. For Q2 2023, the revenue forecast is $115 million to $117 million, with full-year guidance set at $475 million to $490 million.
FAQ
What is the current stock price of SecureWorks (SCWX)?
What is the market cap of SecureWorks (SCWX)?
What does SecureWorks Corp specialize in?
What is SecureWorks Taegis™?
What recent achievements has SecureWorks made?
Who are SecureWorks' strategic partners?
How does SecureWorks' AI-powered Threat Score benefit organizations?
What financial performance has SecureWorks reported?
What services does SecureWorks offer?
How does SecureWorks integrate vulnerability risk context with threat detection?
What is the significance of SecureWorks' partnership with SentinelOne?
What is SecureWorks' focus on AI and automation?
