Multinational cybersecurity and privacy solutions providing company Safe T Group Ltd (NASDAQ:SFET) is one of the more interesting companies in the fast-growing cybersecurity industry. This week the company was actually in the news after it announced its preliminary revenue projections for the quarter that ended on March 31, 2022.
The announcement was made by the company earlier on in the week on Monday. In light of that announcement, it may now be a good time for investors to take a closer look into the whole thing. It should be noted that the figures released by the company were preliminary and unaudited.
The company noted that it expected its revenues for the quarter to be around $4 million and the figure is a significant one considering the fact that it reflected a threefold year on year rise. In the first fiscal quarter of 2021, the company had posted revenues to the tune of $1.4 million.
The company also announced that its performance in the first fiscal quarter was driven by the continued growth in the number of new subscribers for the range of products offered by Safe T Group. In addition to that, growth was also experienced in the enterprise solutions business.
The Chief Executive Officer of the company Shachar Daniel spoke about the whole thing as well. He noted that the uptick in performance was mainly achieved through significant growth in the consumer market space. He went on to add that it had been a consequence of the customer acquisition efforts that had been put in place by Safe T Group.
In addition to that, the CEO of the company also added that he was excited about the pipeline of products that the company is all set to introduce eventually. It now remains to be seen if the stock moves strongly or not.
