(Bloomberg) -- CrowdStrike Holdings Inc. rose 7% on Tuesday after the cybersecurity company beat analysts’ estimates, despite previous concerns the cybersecurity market was cooling as cash-strapped companies curb spending. 

Sales gained 48% to $637.4 million the fourth quarter, compared with analysts’ average estimate of $624.8 million. Annual recurring revenue of $2.56 billion and new annual recurring revenue of $221.7 million also smashed expectations.  

Crowdstrike rose to a high of $136.29 in extended trading after closing at $124.93 in New York. The stock has jumped 19% this year.

Chief Executive Officer George Kurtz said the fourth quarter set records for the company. “Highlights of the quarter included record net new ARR of $222 million, record net new subscription customers of 1,873, record operating and free cash flow and a rule of 81 on a free cash flow basis,” Kurtz said Tuesday in a statement.

“CrowdStrike’s growing market share showcases customers’ recognition of the Falcon platform’s technology leadership and advanced AI that drives better security outcomes,” he said.

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