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SecureWorks Corp. (NASDAQ:SCWX) operates in a growing Total Addressable Market (TAM) projected to surpass $98 billion by 2025. The company has developed the Cloud-native Taegis platform and the associated revenue recognition model, however, the company has continued to trade downwards as its cloud shift still remains in an early stage. SecureWorks specializes in cybersecurity solutions and services, with an increasing emphasis on generating revenue from its cloud-native Taegis software platform. SCWX announced improved revenue for the second quarter, alongside Taegis ARR, that matched expectations, however, the company adjusted its FY24 Taegis ARR, FY24 MSS ARR, and FY24 revenue.
