{"id":21174,"date":"2022-12-06T00:34:21","date_gmt":"2022-12-06T00:34:21","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/06\/sumo-logics-stock-soars-on-strong-earnings-beat-and-guidance\/"},"modified":"2022-12-06T00:34:21","modified_gmt":"2022-12-06T00:34:21","slug":"sumo-logics-stock-soars-on-strong-earnings-beat-and-guidance","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/06\/sumo-logics-stock-soars-on-strong-earnings-beat-and-guidance\/","title":{"rendered":"Sumo Logic’s stock soars on strong earnings beat and guidance"},"content":{"rendered":"

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Shares of Sumo Logic Inc.<\/a>, which sells an analytics-based platform for application performance management and observability, rose more than 11% in extended trading today after beating Wall Street\u2019s expectations with its third quarter results. It also offered an upbeat forecast for the fourth quarter and full year.<\/p>\n

The company reported<\/a> a loss before certain costs such as stock compensation of 4 cents per share, ahead of the analyst\u2019s consensus of an 11 cent loss. Revenue for the period came to $79 million, up 27% from a year earlier and ahead of Wall Street\u2019s target of $74.2 million.<\/p>\n

All told, Sumo Logic delivered a net loss of $26.3 million, compared with a $30.8 million loss one year earlier.<\/p>\n

The results mean that Sumo Logic has now beaten Wall Street\u2019s expectations for the sixth successive quarter.\u00a0Investors were apparently not very confident of that, however, as Sumo Logic\u2019s stock fell more than 7% during the regular trading session, only to rebound strongly in the hours after the report.<\/p>\n

Sumo Logic is a provider of cloud-based data analytics software that enterprises use to gain insights into the state of their information technology systems. Its software encompasses areas such as log management, Amazon Web Services monitoring, Microsoft Azure and Google Cloud management, Kubernetes management, plus microservices and cloud security monitoring. The platform also lends itself to business-oriented use cases such as customer analytics, and can aid in mitigating cyberattacks.<\/p>\n

Sumo Logic President and Chief Executive Ramin Sayar (pictured) said the company will continue to emphasize efficient growth as it drives towards future cash flow break even and profitability. \u201cOur unified cloud-native platform for reliability and security continues to resonate with our customers and industry analysts as more customers are seeking to provide best in class digital experiences to their end users,\u201d he added.<\/p>\n

Going forward, Sumo Logic said it\u2019s expecting a loss of between 9 cents and 8 cents per share in the fourth quarter, with revenue in a range of $77 million to $78 million. The forecast was comfortably ahead of Wall Street\u2019s guidance for a 17 cent per share loss on sales of $75.4 million.<\/p>\n

For the full year, Sumo Logic is targeting a loss of 56 cents to 54 cents per share on revenue of $289 million to $293 million. Wall Street is looking for a full-year loss of 61 cents per share on revenue of $290.4 million.<\/p>\n

Photo: SiliconANGLE<\/h5>\n
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