SentinelOne and Okta integration promises quick response to attacks

SentinelOne shares flat on mixed earnings report

Posted on

Shares in SentinelOne Inc. stayed flat in after-hours trading after the cybersecurity company delivered a mixed earnings report.

For its third quarter ended Oct. 31, SentinelOne reported a loss before costs such as stock compensation of 16 cents per share, just over a loss of 15 cents in the same quarter of last year. Revenue jumped 106%, to $115.3 million. Analysts had been expecting a loss of 22 cents per share on revenue of $110 million.

Annual recurring revenue sat at $487.4 million as of the end of October, up 106% year-over-year but well below an expected $577.6 million. SentinelOne’s customer count rose 55%, to more than 9,250 customers, and customers with ARR over $100,000 doubled to 827. The dollar-based net retention rate was 134%.

Highlights in the quarter included SentinelOne’s SentinelLabs exposing Matador, a well-resourced and long-term espionage group that primarily targets telecommunications, internet service providers and universities in several countries in the Middle East and Africa. The group was described by SentinelLabs researchers as highly sophisticated and acutely aware of operations security, deploying intricate countermeasures to bypass security solutions and deploy malware platforms directly into memory.

“We once again delivered triple-digit revenue and ARR growth fueled by strong adoption of our Singularity XDR platform across endpoint, cloud and identity,” Tomer Weingarten, chief executive officer of SentinelOne, said in a statement. “Cybersecurity is mission-critical and our Singularity platform is purpose-built for leading protection allowing us to deliver superior platform value.”

SentinelOne said it expects revenue in its fiscal 2023 fourth quarter of $125 million, just over the $124.6 million analysts expected. Full-year revenue is expected to come in at $420 million to $421 million.

In its letter to shareholders, SentinelOne noted that although cybersecurity remains mission-critical to organizations of all sizes, enterprises across the world are being affected by softening macro conditions. “Like many other software companies, we’re seeing higher cost consciousness and prudence around IT budgets,” the company said. “Despite the near-term budgetary dynamics, structural tailwinds for modern cybersecurity remain intact.”

Photo: SentinelOne

Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *