S - SentinelOne bumps up full year revenue guidance stock jumps ~14% after hours
2023-12-05 17:10:27 ET
Class A shares of SentinelOne ( NYSE: S ) on Tuesday rose more than 14% in extended trading, after the cybersecurity firm raised its full year revenue guidance and provided a current quarter sales forecast that was above estimates.
S stock advanced 14.4% to $22.90 after hours.
SentinelOne ( S ) posted a FQ3 2024 loss per share of 3 cents, compared to an expected figure of 8 cents. Revenue rose more than 42% Y/Y to $164.17M, beating consensus by $7.85M.
The Mountain View, Calif.-based firm's results come at a time when there have been several cyberattacks and security breaches at organizations, such as that which affected access management company Okta ( OKTA ).
"In the age of AI and modern cyberwarfare, the velocity and complexity of attacks are rising. A slew of recent high-profile attacks showcase the enormous consequences of breaches—costing hundreds of millions of dollars, lost business, and disruption," SentinelOne ( S ) CEO Tomer Weingarten and CFO Dave Bernhardt said in a shareholder letter .
The company's quarterly annualized recurring revenue (ARR) climbed 43% Y/Y to $669.3M. Its total customer count grew to over 11.5K as of October 31, while customers with ARR of $100K or more increased 33% to 1.06K.
"Net new ARR of $52M exceeded our typical third-quarter seasonality and accelerated to 11% year-over-year growth. Our performance signifies strong demand for SentinelOne’s ( S ) endpoint security as well as adjacent solutions like Cloud, Data, and Identity," Weingarten and Bernhardt said.
Turning to Sentinel's ( S ) guidance, the firm bumped up its full fiscal year 2024 revenue forecast to $616M from $605M. The consensus estimate is $605.20M. For FQ4, the firm sees revenue of $169M, above the consensus of $166.63M.
"We expect global economic conditions and the broader demand environment to remain consistent with the trends we discussed last quarter as enterprises continue to right-size their security investments based on near-term budget constraints," the company's management added.
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SentinelOne bumps up full year revenue guidance, stock jumps ~14% after hours