CrowdStrike Holdings, Inc. (NASDAQ:CRWD) shares were trading more than 5% lower Friday afternoon, despite the company’s reported strong Q1 results, with EPS of $0.31 coming in better than the Street estimate of $0.23. Revenue was $487.8 million, compared to the Street estimate of $463.11 million. Net-new ARR increased 32% year-over-year to $190.4 million, compared to the Street estimate of $165 million.

Importantly, results continue to emphasize the power of the land-and-expand model. Management saw no change in the demand environment which remains robust and better than last year.

The company expects Q2/23 EPS to range from $0.27 to $0.28, compared to the Street estimate of $0.24, and revenue in the range of $512.7-516.8 million, compared to the Street estimate of $509 million.

For the full 2023-year, the company anticipates EPS to range from $1.18 to $1.22, compared to the Street estimate of $1.10, and revenue in the range of $2.19-2.21 billion, compared to the Street estimate of $2.15 billion.