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Why Sumo Logic Shares Are Popping After Hours

Published 05/12/2022, 21:35
Updated 05/12/2022, 22:40
© Reuters.  Why Sumo Logic Shares Are Popping After Hours
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Benzinga - Sumo Logic Inc (NASDAQ: SUMO) shares are trading higher in Monday's after-hours session after the company reported better-than-expected financial results and issued guidance above analyst estimates.

Q3 Earnings: Sumo Logic reported third-quarter revenue of $79 million, which beat average analyst estimates of $74.14 million. The company's top-line results were up 27% on a year-over-year basis.

Sumo Logic reported a third-quarter net loss of 4 cents per share, which beat average estimates for a loss of 15 cents per share.

Outlook: Sumo Logic expects fourth-quarter revenue to be between $77 million and $78 million versus estimates of $75.39 million. The company anticipates a fourth-quarter adjusted net loss between 8 cents and 9 cents per share versus estimates for a loss of 17 cents per share,

Sumo sees full-year revenue between $298 million and $298 million versus estimates of $291.24 million. The company anticipates a full-year adjusted net loss between 35 cents and 36 cents per share versus estimates for a loss of 55 cents per share.

SUMO Price Action: Sumo Logic shares are up 9.97% in after hours at $7.93 at time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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