Safe-T Group rallies after cybersecurity firm estimates 150% growth in Q2 revenue: Prelim

• Safe-T Group (NASDAQ:SFET) revealed its preliminary estimates for second quarter on Wednesday.
• Israel-based cybersecurity firm expects to report ~$4.6M in Q2 2022 revenue, up about 150% year-over-year. That is to take company's first half revenue to $8.6M (+175% Y/Y) accredited to its ongoing investment in privacy products.
• SFET shares are up 11% in premarket trading on Wednesday.
• "We are pleased with Safe-T’s growth in the first half of 2022, reflecting the positive contributions generated across our business lines as customer demand for our recently introduced privacy and cybersecurity offerings continues to increase. In addition to the topline growth, during the second quarter of 2022, we have begun to see the early positive impacts of our cost reduction plan especially in our enterprise cybersecurity business," said Safe-T CEO Shachar Daniel.
• Further, following the elimination of litigation expenses announced last month the company expects improved operating results through second half of the year.
• Final results are scheduled to be released on Au. 31, 2022.
• Earlier (May 31): Safe-T Group Q1 Non-GAAP EPS of -$0.11 beats by $0.06, revenue of $4.02M beats by $0.85M