Britain's Darktrace on Thursday raised its forecast for annual revenue and core earnings, as the cybersecurity company benefits from strong demand for its artificial intelligence-powered products.

The company expects fiscal year 2024 revenue to grow between 23% and 24.5%, up from earlier forecast of 22%-23.5%, while it sees adjusted core profit margins in the range of 18% to 20%, compared with 17%-19% previously.

"We expect to emerge from a period of relative market uncertainty in an even stronger position, and well-placed to capitalise on the large market opportunity for our AI-powered cyber security products as attackers capitalise on the availability of increasingly sophisticated tools and tactics, including generative AI," said Darktrace CFO Cathy Graham.

  - Reuters