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Darktrace reports jump in revenue, notes growing cyber threats from AI

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Cybersecurity group Darktrace has reported a 27.4 per cent jump in revenue for the first half of its financial year.

For the six months to the end of December, the company recorded revenue of $330.3m (£259m) and a gross profit margin of 89.3 per cent.

The group’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 87 per cent to $84.5m (£66.3m).

The company said its higher income represented “a change in trajectory following a period of transformation and stabilisation.”

The group has focused heavily on expanding its presence and capitalising on the booming demand for cybersecurity. It reorganised its sales structure last year to help drive the shift.

As part of the change, Darktrace rolled out its Go-to-Market strategy and teams, which were designed to drive customer growth and recurring revenue, in the first quarter of its current fiscal year.

Commenting on the results, chief Poppy Gustafsson, said: “Following the impact in the first quarter of our significant Go-to-Market changes, I was very pleased to see the team adapt quickly, delivering significantly improved second quarter sales, which enabled our strong financial performance in the first half of the year.

“We see progress in longer cycle initiatives such as large strategic, channel and government pipeline development, and upsell momentum continues. In addition, ramped salesperson tenure has lengthened, increasing by 28 per cent, including a 31 per cent increase in our key North American markets.

“We continue to see the cyber-crime landscape evolve rapidly in a challenging geopolitical environment and as the availability of generative AI tools lowers the barrier to entry for hostile actors. Against this backdrop and in the period ahead, we are preparing to roll out enhanced market and product positioning to better demonstrate how our unique AI can help organisations to address novel threats across their entire technology footprint.”

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