CrowdStrike (CRWD) reported strong first quarter results, beating expectations for both revenue and profits. The cybersecurity company saw its subscription revenue increase by 34% year over year and raised its full-year guidance — boosting shares during Wednesday's trading session.

Yahoo Finance's Brad Smith and Madison Mills break down the details

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This post was written by Angel Smith

Video Transcript

Shares for a crowd strike jumping after raising their full year earnings and revenue guidance, seen subscription revenue climb 34% from a year ago.

Now this cyber security company also giving better than expected forecast for the second quarter.

Here we are starting to get in some analyst commentary.

I think this is really interesting from Morgan Stanley.

Yes, they say that they delivered another strong Q one be made a tough spending environment.

It was funny hearing the analyst from this call.

Constant people just saying, congratulations, you're doing great despite the fact that everyone else in this area is doing poorly.

So lots of compliments for the CEO on the call, which was interesting.

But Morgan Stanley pointing to an upcoming catalyst for this name, the potential S and P 500 include inclusion announcement which is coming up on Friday, which I had not necessarily priced that into the crowd strike story.

The importance of getting that inclusion in the S and P moving forward.

So that'll be interesting to watch some, some big targets for this business too profitably scaling the business to $10 billion in that annual recurring revenue.

And beyond here looking forward, uh, that annual recurring revenue currently sitting right now at about $3.65 billion as of the end of this quarter.

So, uh, those some large goals, however, uh, they've got a long lead time, at least that seems, that's what it seems like the analysts are willing to give them here this morning.