Market News

Rapid7 Plummets after Slashing Outlook

Shares of cyber security solutions provider Rapid7 (NASDAQ:RPD) have lost nearly a quarter of their value today after the company slashed its outlook.

The company’s third-quarter revenue surged nearly 26% year-over-year to $176 million and EPS at $0.14 came in ahead of expectations by $0.09. Further, annualized recurring revenue (ARR) increased by 24% over the prior year to $684 million.

Despite these metrics, the company’s outlook disappointed investors. It now expects ARR for the full year 2022 to range between $711 million and $717 million versus earlier expectations of between $740 million and $750 million.

Revenue is seen landing between $680 million and $682 million.

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