S - Why SentinelOne Stock Soared 19% on Wednesday
2023-12-06 12:29:16 ET
Shares of SentinelOne (NYSE: S) surged 19.2% through 11 a.m. ET on Wednesday after a modest earnings beat sparked a frantic rush by Wall Street banks to raise price targets on the rising cybersecurity stock .
Heading into the third quarter of its fiscal 2024, analysts had limited hopes for SentinelOne, predicting the company would lose money ($0.08 per share) on sales of only $156.1 million. The analysts were right about SentinelOne losing money -- but wrong on the amount. Instead of $0.08 per share, SentinelOne's loss was less than half as bad as feared (only $0.03 per share), and its revenue of $164.2 million beat expectations by more than 5%.
SentinelOne's earnings beat didn't just surprise Wall Street -- it surprised management itself, with CEO Tomer Weingarten exclaiming that his company's artificial intelligence (AI)-based cybersecurity products drove better-than-expected "top and bottom line expectations ... industry-leading growth and margin improvement."
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Why SentinelOne Stock Soared 19% on Wednesday