SentinelOne Inc S shares are trading higher Wednesday after the company reported better-than-expected financial results.
- Q3 Revenue: $164.16 million beat estimates of $156.09 million
- Q3 EPS: 3 cent loss beat estimates for an 8 cent loss
Revenues were up 42% on a year-over-year basis. Annualized recurring revenue (ARR) increased 43% to $663.9 million.
SentinelOne's total customer count grew to more than 11,500 as of Oct. 31. Customers with ARR of $100,000 or more grew 33% to 1,060.
Gross margin was 73% in the third quarter. The company ended the quarter with $1.1 billion in cash, equivalents and investments.
"Our third quarter performance exceeded our top and bottom line expectations, delivering industry-leading growth and margin improvement. Our market-leading, AI-based security across endpoint, cloud, and data continues to differentiate SentinelOne as a true innovator," said Tomer Weingarten, CEO of SentinelOne.
Outlook: SentinelOne sees fourth-quarter revenue of approximately $169 million versus estimates of $166.46 million. The company also raised its full-year revenue guidance from $605 million to $616 million versus estimates of $605.66 million.
Following the print, JMP Securities analyst Trevor Walsh maintained SentinelOne with a Market Outperform rating and raised the price target from $22 to $33.
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S Price Action: SentinelOne shares were up 20% at $24 at the time of publication, according to Benzinga Pro.
Photo: Kris from Pixabay.
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