PING - Why Ping Stock Got Demolished Today
Shares of Ping Identity (NYSE: PING) have gotten demolished today, down by 23% as of 11:05 a.m. EST, after the company reported fourth-quarter earnings. The results missed expectations, and Ping's guidance was also lacking.
Revenue in the fourth quarter came in at $63.3 million, below the consensus estimate of $68.9 million in sales. That resulted in adjusted earnings per share of $0.09, which was on target with what analysts were looking for. The technology company , which provides identity access management services to enterprise customers, said annual recurring revenue (ARR) increased 15% to $259.1 million.
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Why Ping Stock Got Demolished Today