Amid speculation it’s up for sale, SentinelOne (S) on Thursday reported a smaller-than-expected loss for the second quarter, while revenue beat Wall Street targets. SentinelOne stock jumped on the news.
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For the quarter ended July 31, SentinelOne reported an adjusted loss of 8 cents a share vs. a 20-cent loss a year earlier. Also, the SentinelOne earnings report showed revenue rose 46% to $149.4 million.
Analysts expected Mountain View, Calif.-based SentinelOne to report revenue of $141 million and a loss of 14 cents a share.
For the current quarter ending in October, SentinelOne predicted revenue of $156 million vs. estimates of $154.2 million.
On the stock market today, SentinelOne stock surged 11.7% to 18.57 in extended trading.
Startup Wiz Eyeing SentinelOne Stock Deal?
The cybersecurity firm’s results came in amid lowered financial expectations. Also, its first-quarter sales growth missed estimates and the company issued a weak outlook amid accounting issues.
SentinelOne stock had gained 11% in 2023 prior to the earnings report. Shares rebounded in early August amid reports that well-funded, fast-growing security startup Wiz is weighing a potential bid for SentinelOne.
Adding SentinelOne’s products would strengthen Wiz’s competitive positioning against rival Palo Alto Networks (PANW), said an Oppenheimer report.
Further, SentinelOne’s software detects malware on laptops, mobile phones and other “endpoints” that access corporate networks. Also, it’s building a broad, threat-detection cybersecurity platform.
SentinelOne stock holds a weak Composite Rating of 34.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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