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Shares in Secureworks Corp. dropped in regular trading after the cybersecurity company reported a lower-than-expected outlook in its latest earning report.

For the quarter that ended July 29, Secureworks reported a non-generally accepted accounting principles net loss of $11.3 million or 13 cents per share compared to net income of $900,000 or one cent per share in the same period last year. Revenue came in at $116.2 million, down from $134.2 million in the second quarter of fiscal 2022.

Analysts had expected a loss of 16 cents per share on revenue of $116.1 million.

Highlights in the quarter included Secureworks unveiling a new Taegis Agent. The new endpoint agent offers greater telemetry and visibility to detect threats faster with less noise with native integration for Windows, MacOS and Linux systems. The company also signed a partnership agreement with Netskope Inc. to support secure access service edge and cloud access security broker integration.

Secureworks Taegis grew to $201 million in annual recurring revenue in the quarter, up 100% year-over-year. The company also added 800 new Taegis customers in the quarter, up 114%.

“With the 10th consecutive quarter of triple-digit growth in Taegis ARR, our pace of XDR growth underscores the strength of our product and customer base and the execution of our transformation strategy,” Wendy Thomas, president and chief executive officer of Secureworks, said in a statement. “We are defining the future of threat detection and analysis to keep our customers secure, driving sustainable growth and value creation for investors as we capitalize on the large and growing XDR opportunity with Secureworks Taegis.”

Looking forward, Secureworks said it expected a non-GAAP net loss per share of 20 cents to 22 cents in its fiscal third quarter on revenue of $111 million to $113 million. Analysts had been expecting a loss of 18 cents per share on revenue of $119 million.

For the full fiscal year 2023, Secureworks expected a loss of 64 cents to 70 cents per share on revenue of $458 million to $465 million. At the midpoint, this was in line with expectations of a 67 cents per share loss.

Secureworks shares were down 3.46%, closing regular trading at $10.04.

Image: Secureworks

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