Security FUD and malware outbreaks boost Sophos' coffers
Targeting the 'underserved mid-market' pays off nicely
Revenues at Sophos were buoyed by the growing threat of ransomware and the like to its target mid-market customer base.
For the quarter ending 30 June 2016, Sophos recorded revenues of $127.4m, 12.2 per cent up from the $113.5m its business brought in during Q1 2016.
Kris Hagerman, chief executive officer, commented: "Our compelling strategy of targeting the underserved mid-market with a complete security offering through the channel that serves them continues to drive positive performance."
For the financial year ending 31 March 2017, the Sophos board expects to deliver mid-teens percentage billings growth. Sophos – which has long been enterprise rather than consumer focused – specialises in marketing cloud-enabled enduser and network security software products and services.
Sophos’ share price reached a peak of £2.42 in early trading on Thursday, up more than 5.9 per cent from its Wednesday closing price of £2.28.60.