FORG - ForgeRock stock slides on guidance cut

• ForgeRock ( NYSE: FORG ) shares dipped 18% on Friday in response to the firm's second quarter results and lowered guidance for full-year.
• The software firm incurred adj. net loss of $14.5M, or -$0.17 per share, compared to -$8.3M in the second quarter of 2021. Total revenue grew 8% Y/Y to $47.7M, with subscription SaaS, support & maintenance revenue up 46% Y/Y.
• ARR surged 30% Y/Y, but was below the low end of the company's expectations. ARR results were impacted primarily by unexpected lengthening of sales cycles for larger enterprise deals and significant FX headwinds.
• The company revised its annual ARR guidance to factor in greater impact from longer sales cycles. It now expects total ARR of $225M to $232M (prior outlook: $240M to $243M) for full year 2022, total revenue of $206M to $212M vs. $212.18M consensus and adj. net loss per share of $0.49 to $0.44 vs. -$0.43 consensus.
• Total revenue was previously seen at $212M to $215M, while adj. net loss per share was seen at $0.45 to $0.41.

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