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When CyberArk Software Ltd. (NASDAQ: CYBR) reported its first-quarter financial results after the markets closed on Thursday, the company said that it had $0.28 in earnings per share (EPS) and $59.0 million in revenue. Consensus estimates from Thomson Reuters had called for $0.27 in EPS and revenue of $62.44 million. In the same period of last year, CyberArk posted EPS of $0.29 and $50.38 million in revenue.

License revenue was $33.0 million, up 20% from last year, while Maintenance and Professional services revenue was up 34% to $26.0 million.

In terms of the outlook for the second quarter, the company expects to see EPS in the range of $0.23 to $0.25 and revenues between $61.0 million and $62.0 million. The consensus estimates call for $0.31 in EPS and $68.28 million in revenue.

On the books, CyberArk cash, cash equivalents and marketable securities totaled $310.6 million at the end of the quarter, up from to $295.5 million at the end of December 2016.

Udi Mokady, CyberArk’s board chair and chief executive, commented:

Our results demonstrate that new and existing customers around the world are embracing Privileged Account Security. The attack surface continues to expand across on-premises, cloud, and hybrid environments as well as DevOps processes. With our comprehensive platform and commitment to innovation, we are best positioned to help organizations seamlessly protect privileged accounts and credentials across all enterprise environments. We plan to continue to make strategic investments across the business that will strengthen our position as the market leader while we also deliver strong growth and profitability.

Shares of CyberArk were down over 11% at $49.05 early Friday, with a consensus analyst price target of $60.94 and a 52-week trading range of $40.11 to $59.28.