Employees are slowly returning back to the office as the U.S. emerges from the coronavirus lockdown, but Crowdstrike CEO George Kurtz said Wednesday that it won’t be the end of the remote work economy.
The cybersecurity company is gearing up to not only secure network systems on-premise but from anywhere work can be performed, he told CNBC’s Jim Cramer.
“I think it will be a hybrid environment,” he said of the post-Covid-19 work trend in a “Mad Money” interview. “You’re going to have some folks go back to work, you’re going to have split shifts.”
Millions of workers — where possible — transitioned to off-premise network access after the Covid-19 outbreak forced much of the U.S. under stay-at-home mandates to slow the disease’s spread. Countless businesses, particularly retail shops, bowling alleys, nail shops and more, had to close up shop during the state-sanctioned lockdowns.
As the U.S. economy opens back up, internet-based service providers and their clients are mapping out the future of their workplaces after having to adapt to a work-from-home strategy virtually overnight. Some employees have learned to embrace the new work environment, while others are craving to get back to the office.
Companies like Twitter and Facebook have already announced their plans to adjust to the new work wave. Twitter last month announced that it would let employees work from home “forever,” should they choose, while Facebook forecasts that 50% of its workforce may work remotely within the next five to 10 years.
Cloud security companies like Crowdstrike, with its Falcon platform, step in to detect and fend off hackers looking to breach networks.
“I don’t call it work from home. I call it work from anywhere, and that’s a movement,” Kurtz said. “Really, that’s a subset of digital transformation and digital transformation is not a one-time hit. It’s a very sustainable trend.”
Crowdstrike on Tuesday reported that revenue grew 85% in the quarter ended April 30 compared to the year prior. The company posted $178.1 million on the top line, which topped Wall Street estimates of $165.4 million. Subscription customers surged 105% during the three-month period, adding 830 net new subscribers, according to a press release.
The company also reached non-GAAP operating profitability.
Thge stock shot up 6% to $98.10 by Wednesday’s close.
Disclosure: Cramer’s charitable trust owns shares of Facebook.