Why Sumo Logic Shares Are Popping After Hours

Why Sumo Logic Shares Are Popping After Hours

Sumo Logic Inc SUMO shares are trading higher in Monday's after-hours session after the company reported better-than-expected financial results and issued guidance above analyst estimates.

Q3 Earnings: Sumo Logic reported third-quarter revenue of $79 million, which beat average analyst estimates of $74.14 million. The company's top-line results were up 27% on a year-over-year basis.

Sumo Logic reported a third-quarter net loss of 4 cents per share, which beat average estimates for a loss of 15 cents per share. 

Outlook: Sumo Logic expects fourth-quarter revenue to be between $77 million and $78 million versus estimates of $75.39 million. The company anticipates a fourth-quarter adjusted net loss between 8 cents and 9 cents per share versus estimates for a loss of 17 cents per share,

Sumo sees full-year revenue between $298 million and $298 million versus estimates of $291.24 million. The company anticipates a full-year adjusted net loss between 35 cents and 36 cents per share versus estimates for a loss of 55 cents per share.

See Also: Why GitLab Stock Is Surging After Hours

SUMO Price Action: Sumo Logic shares are up 9.97% in after hours at $7.93 at time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.

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