CyberArk Software (NASDAQ:CYBR) shares rose nearly 4% yesterday following the company’s reported Q1 results, with EPS of ($0.17) coming in better than the Street estimate of ($0.26). Revenue was $161.7 million, compared to the Street estimate of $162.47 million.

The results reflect strong subscription ARR (up 84% year-over-year) and SaaS revenue (up 94% year-over-year) growth balanced by a tougher macro environment, which impacted sales cycles and deal sizes.

For Q2/23, the company expects EPS of ($0.19)-($0.09), compared to the Street estimate of ($0.12), and revenue of $170-$175 million, compared to the Street estimate of $175.3 million.

For the full year, the company anticipates EPS of $0.16-$0.38, compared to the Street’s $0.16, and revenue of $724-$736 million, compared to the Street’s $730.17 million.