[ad_1]
Shares in SentinelOne (S) jumped Friday after the cybersecurity firm reported second-quarter earnings that topped views. SentinelOne stock climbed more than 3%.
X
Reporting after the close Thursday, SentinelOne recorded an adjusted loss of 8 cents a share for the quarter ended July 31, vs. a 20-cent loss a year earlier. Also, the earnings report showed revenue rose 46% to $149.4 million.
SentinelOne stock analysts expected the Mountain View, Calif.-based company 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.
“With expectations into the print more rooted in M&A speculation than fundamentals, CEO Tomer Weingarten firmly rebuked a potential takeout, noting the commitment to delivering ‘as a public, independent and transparent company’,” UBS analyst Roger Boyd said in a note to clients.
On the stock market today, SentinelOne stock rose 3.5% to close at 17.21.
SentinelOne Stock: Wiz Collaboration Ended
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% thus far this year prior to the earnings report.
Shares rebounded in early August amid reports that well-funded, fast-growing security startup Wiz was weighing a potential bid for SentinelOne. Further, SentinelOne on Wednesday said it has ended a marketing collaboration with Wiz.
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.
Rivals include CrowdStrike Holdings (CRWD) and Microsoft (MSFT).
SentinelOne stock holds a weak Composite Rating of 34 and a Relative Strength Rating of 19.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
YOU MIGHT ALSO LIKE:
How To Use The 10-Week Moving Average For Buying And Selling
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
IBD Live: A New Tool For Daily Stock Market Analysis
Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader
[ad_2]
Read More: SentinelOne Stock: SentinelOne Earnings Beat; Cybersecurity Firm To Stay ‘Independent’
2023-09-01 20:25:00
