Rubrik reports 38% rise in revenue for Q1; net loss expands eightfold
IIT alumni founded cybersecurity enterprise firm Rubrik, which went public in April, reported its maiden quarterly earnings on Wednesday after the listing. The company reported a 38% year-on-year jump in revenue to $187.3 million for the quarter ended April 30.
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However, the company’s decision to transition to the subscription model from selling licences of its products earlier continued to have a bearing on its bottomline.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitIn the reporting quarter, Palo Alto, California-based Rubrik’s net loss surged over eightfold to $732 million on account of an increase in its cost of revenue. The company also spent significantly higher on research and development, and sales and marketing year-on-year.
Rubrik’s transition to becoming a software-as-a-service (SaaS) platform relying on subscription revenues has nearly concluded with the segment comprising 92% of the company’s total operating income in the April quarter. In the same quarter of 2023, subscription income made up 79% of Rubrik’s revenue.
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