A month has gone by since the last earnings report for CrowdStrike Holdings (CRWD). Shares have lost about 8.4% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is CrowdStrike due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. CrowdStrike Beats on Q2 Earnings and Revenue EstimatesCrowdStrike Holdings reported second-quarter fiscal 2023 non-GAAP earnings of 36 cents per share, beating the Zacks Consensus Estimate of 28 cents. The bottom line improved from the year-ago quarter’s figure of 11 cents.The company added $218.1 million to its net new annual recurring revenues (“ARR”), taking the total ARR to $2.14 billion as of Jul 31, 2022, up 59% year over year.Top-Line DetailsCrowdStrike’s fiscal second-quarter revenues of $535.2 million surged 58% year over year and surpassed the consensus mark of $517.1 million. Subscription revenues jumped 60% year over year to $506.2 million.The company added 1,741 net new subscription customers during the reported quarter. It had a total of 19,686 subscription customers as of Jul 31, 2022, reflecting year-over-year growth of 51%.CrowdStrike’s subscription customers, who adopted five or more cloud modules, soared to 59%, those with six or more cloud modules rose to 36%, and those with seven or more cloud modules jumped to 20% as of Jul 31, 2022.Revenues from professional services climbed 32.5% year over year to $29 million.Operating DetailsCrowdStrike’s non-GAAP gross margin remained flat on a year-over-year basis at 76%. The non-GAAP subscription gross margin remained flat at 78% on a year-over-year basis.Total non-GAAP operating expenses, as a percentage of revenues, were 60% compared with the prior-year quarter’s 66%.The non-GAAP operating income was $87.3 million compared with $35.3 million in the year-ago quarter. The non-GAAP operating margin for the quarter was 16%, up 600 basis points year over year.Balance Sheet & Cash FlowAs of Jul 31, 2022, cash and cash equivalents were $2.32 billion compared with $2.15 billion as of Apr 30, 2022. CrowdStrike had long-term debt of $740.3 million.During the fiscal second quarter, CRWD generated operating and free cash flows of $209.9 million and $108.5 million, respectively. It generated free cash flow of $135.8 million compared with $73.6 million in the year-ago quarter. During the first half of fiscal 2023, the company generated operating cash flow of $424.9 million.OutlookBuoyed by the stellar second-quarter performance, CrowdStrike raised its guidance for fiscal 2023. The company’s management currently estimates its revenues in the band of $2,223-$2,232 million compared with the previously projected band of $2,190.5-$2,205.8 million. The company now anticipates non-GAAP earnings in the band of $1.31-$1.33 per share, up from the prior range of $1.18-$1.22 per share.The non-GAAP operating income for full fiscal 2023 is now projected in the range of $321.8-$328.5 million, higher than the previous band of $306.5-$317.8 million.For the third quarter, CrowdStrike anticipates revenues between $569.1 million and $575.9 million. For the bottom line, the company expects to report non-GAAP earnings per share between 30 cents and 32 cents.The non-GAAP operating income is expected in the band of $72.7-$77.7 million.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates review.The consensus estimate has shifted -37.65% due to these changes.VGM ScoresAt this time, CrowdStrike has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Following the exact same course, the stock was allocated a grade of F on the value side, putting it in the fifth quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, CrowdStrike has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. FREE Report: The Metaverse is Exploding! Don’t You Want to Cash In? Rising gas prices. The war in Ukraine. America's recession. Inflation. It's no wonder why the metaverse is so popular and growing every day. Becoming Spider Man and fighting Darth Vader is infinitely more appealing than spending over $5 per gallon at the pump. And that appeal is why the metaverse can provide such massive gains for investors. But do you know where to look? 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