Qualys Inc (QLYS) Reports 13% YoY Revenue Growth In Q3 2023
Qualys Inc. has recently reported a 13% year over year revenue increase, touching $142.0 million in the quarter three of 2023.
GAAP net income increased by 68% to touch $46.5 million, while the non GAAP net income stands at $56.7 million.
GAAP EPS had been $1.24, while non GAAP EPS was $1.51.
The operational cash flow for the quarter three of 2023 had increased by 119% to $92.4 million.
On 2nd November 2023, the leading supplier of cloud based IT, security, and compliance solutions, Qualys Inc., published its financial results for the third quarter of 2023, which ended on September 30th. The company had reported a very healthy growth of revenue, solid profitability, and strong cash flow generation.
Financial Performance
The revenues reported by Qualys Inc. were $142.0 million for the third quarter of 2023, which marked an increase compared to the 125.6 million dollars for the same quarter in 2022. The GAAP gross profit for the quarter had increased by around 16% to $115.3 million, and the non-GAAP gross profit was up by 15% to $118.0 million.
For the quarter, the GAAP operating income rose by 31% to $43.6 million, and the non-GAAP operating income also rose by 31% to touch $62.9 million. The GAAP net-income for the third quarter rose by 68% touching $46.5 million, or $1.24 for each diluted share, compared to the 27.7 million dollar, or $0.71 for each diluted share, for the same quarter in 2022.
Business Highlights
Throughout the third quarter, Qualys Inc. had launched its inaugural Social, Environmental, and Governance report, which showcased the commitment of the company towards responsible business practices and the sustainable operations. The company had also introduced its first ever First-Part Software Risk Management, which enabled application security teams to be able to detect, prioritize, and remediate the vulnerabilities inside the company-made software and the embedded open source components.
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