SUMO - Sumo Logic stock rises on Q2 beat improved FY23 outlook

Sumo Logic ( NASDAQ: SUMO ) stock rose ~6% on Aug. 26 after Q2 results beat analysts' estimates and the company narrowed the net loss outlook and widened revenue range for FY23.

For Q2 ended July 31, total revenue grew +25.95% Y/Y to ~$74.11M.

Non-GAAP net loss per share was -$0.10, compared to -$0.11 in Q2 2021.

"We continued to deliver improved revenue growth in the second quarter with year-over-year growth of 26% while also driving better operating efficiencies," said Sumo Logic President and CEO Ramin Sayar.

GAAP gross margin was 65%, compared to 66% in Q2 2021.

Total operating expenses increased to $84.72M, compared to $71.99M in Q2 2021.

As of July 31, cash, cash equivalents and marketable securities were $350.6M.

Outlook :

Q3 : The company expects total revenue between $73.5M and $74.5M, up +19% to +20% Y/Y. Consensus Revenue Estimate for Q3 is $73.94M.

Sumo expects non-GAAP net loss per share of -$0.15 (Consensus EPS estimate for Q3 -$0.16).

Fiscal year 2023 : Sumo widened the range of revenue expectation to $289M to $293M, +19% to +21% Y/Y, prior forecast was $289M to $292M. Consensus Revenue Estimate for the year $290.38M.

The company narrowed the non-GAAP net loss per share range and now expects it to between -$0.56 and -$0.54, compared to prior forecast of -$0.64 to -$0.62. Consensus EPS Estimate is -$0.56.

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