Safe-T Group Ltd SFET, a global provider of cybersecurity and privacy solutions to consumers and enterprises, provided preliminary revenue guidance for the first half of fiscal 2022.
What Happened: Based upon a preliminary, unaudited review, Safe-T expects to report revenues for the second quarter ended June 30 of $4.6 million, up 150% year on year.
Revenues for the six months ended June 30 will likely exceed $8.6 million, representing a growth of 175% Y/Y.
Revenue growth continues to be driven by the Company’s ongoing investment in its leading privacy products.
Why Does It Matter? CEO Shachar Daniel said, “We are pleased with Safe-T’s growth in the first half of 2022, reflecting the positive contributions generated across our business lines as customer demand for our recently introduced privacy and cybersecurity offerings continues to increase. In addition to the topline growth, during the second quarter of 2022, we have begun to see the early positive impacts of our cost reduction plan, especially in our enterprise cybersecurity business.”
“Furthermore, with the elimination of litigation expenses announced last month, we expect continued improvement in our operating results throughout the second half of the year,” he added.
Safe-T expects to release the thoroughly reviewed financial statements by August 31.
Price Action: SFET shares closed higher by 2.55% at $0.48 on Tuesday.
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