CrowdStrike CRWD reported first-quarter fiscal 2022 non-GAAP earnings of 10 cents per share, beating the Zacks Consensus Estimate by 66.7%. Quarterly earnings moved up from the year-ago quarter’s figure of 2 cents.CrowdStrike Holdings Inc. Price, Consensus and EPS Surprise CrowdStrike Holdings Inc. price-consensus-eps-surprise-chart | CrowdStrike Holdings Inc. Quote Top-Line DetailCrowdStrike’s fiscal first-quarter revenues of $302.8 million surged 70% year over year and beat the consensus mark of $251 million. Subscription revenues surged 73% year over year to $281.2 million.An 82% increase in subscription customers led to this impressive growth. CrowdStrike added 1,524 net new subscription customers during the reported quarter. The company had a total of 11,420 subscription customers as of Apr 30, 2021, including 119 from the acquisition of Humio.Moreover, CrowdStrike’s subscription customers who adopted four or more cloud modules increased to 64%, those with five or more cloud modules rose to 50% and for six or more cloud modules the metric jumped to 27% as of Apr 30, 2021.Revenues from professional services soared 36% year over year to $21.6 million.The company added $143.8 million to its net new annual recurring revenue (ARR), achieving $1.19 billion, up 74% from the year-ago quarter’s levels.The dollar-based net retention rate exceeded 120% at the end of the first quarter.Operating DetailsCrowdStrike’s non-GAAP gross margin expanded 150 basis points (bps) on a year-over-year basis to 77%. Subscription gross margin advanced 100 bps to 79%.Total non-GAAP operating expenses, as a percentage of revenues, were 67% compared with the prior-year quarter’s 75%.Non-GAAP operating income was $29.8 million against a loss of $6.7 million in the year-ago quarter. Non-GAAP operating margin for the quarter was 10%, up 900 bps year over year.Balance Sheet & Cash FlowAs of Apr 30, 2021, cash and cash equivalents were $1.68 billion compared with $1.92 billion as of Jan 31, 2020.During fiscal first quarter, the company generated operating and free cash flows of $147.5 million and $117.3 million, respectively.GuidanceManagement noted that generation of cash flows are typically the lowest in the second quarter due to expenses, seasonality of new hires and the midyear ESPP purchase. For second-quarter fiscal 2022, CrowdStrike anticipates revenues between $318.3 million and $324.4 million. As far as the bottom line is concerned, the company expects to report earnings per share (EPS) between 7 cents and 9 cents.For fiscal 2022, management raised its revenue guidance in the range of $1,347-$1,365.7 million from the previous range of $1,310.4-$1,320.7 million. Moreover, the company now anticipates non-GAAP EPS of 35-41 cents, instead of 27-30 cents.Zacks Rank & Stocks to ConsiderCrowdStrike currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the broader technology sector include Silicon Motion Technology Corporation SIMO, Lam Research Corporation LRCX and LG Display Co., Ltd. LPL, all sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The long-term earnings growth rate for Silicon Motion Technology Corporation, Lam Research and LG Display is currently pegged at 8%, 32.8% and 32.56%, respectively.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lam Research Corporation (LRCX): Free Stock Analysis Report LG Display Co., Ltd. (LPL): Free Stock Analysis Report Silicon Motion Technology Corporation (SIMO): Free Stock Analysis Report CrowdStrike Holdings Inc. (CRWD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research