- Sumo Logic (NASDAQ:SUMO) reported second-quarter earnings after the bell and sent shares on a wild rise, first popping over 8% before reversing to an over 6% decline. The cloud monitoring company beat Wall Street estimates but provided a soft outlook for the current quarter.
- Sales were up 19% year-over-year to $58.8 million, about $2 million higher than consensus estimates. Adjusted loss per share of $0.11 was three cents better than analysts expected.
- Excluding Sumo's largest revenue customer, sales totaled $54.9 million.
- Non-GAAP gross margin was 72%, down from 75% in last year's quarter.
- The third-quarter forecast includes revenue of $60.3 million to $61.3 million and a $0.14 loss per share. Analysts expected guidance of $60.11 million and a $0.15 loss, respectively.
- For the year, the company expects revenue of $236.8 million to $238.8 million and a $0.52 to $0.51 loss per share versus the $234.9 million and $0.50 loss consensus.
- Sumo Logic had a Bullish average Wall Street analysts rating heading into the earnings report, according to 10 analysts tracked by Seeking Alpha.