Sumo went public in September at $22 a share.
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Sumo Logic shares traded lower after hours Wednesday after the IT intelligence software company posted financial results for its fiscal fourth quarter ended Jan. 31, as guidance apparently disappointed the Street.
Sumo (ticker: SUMO), which provides software that helps companies monitor and fix computing infrastructure issues, reported revenue for the quarter of $54.2 million, up 22% from a year ago and ahead of its guidance range of $51.8 million to $52.3 million.
On an adjusted basis, the company lost 7 cents a share, better than the guidance range of a loss of 12 to 13 cents a share. On a GAAP basis, Sumo lost $20.6 million, or 20 cents a share. For the year, revenues were $202.6 million, up 31%. (GAAP stands for generally accepted accounting principles.)
“We had a strong finish to our year driven by robust demand for Sumo Logic’s Continuous Intelligence platform,” Sumo Logic CEO Ramin Sayar said in a statement.
For the April quarter, Sumo sees revenue of between $53.2 million and $54.2 million, up 13% to 15%, with an adjusted loss of 12 cents a share. The Street consensus had called for $53.4 million and a loss of 14 cents a share.
For the January 2022 fiscal year, Sumo sees revenue of between $231 million and $235 million, up 14% to 16%, with an adjusted loss of 48 to 50 cents a share. The previous Street consensus had been for revenue of $234.1 million, with a loss of 51 cents a share.
Sumo Logic went public in September 2020 at $22 a share, closing the first day of trading at $26.64. The stock briefly touched the $40 level in February but has weakened since. Sumo lost 4.6% in Wednesday’s regular session and fell another 6.8% to $24 in late trading.
Write to Eric J. Savitz at [email protected]
