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SentinelOne slumps despite beating analysts

Israeli cybersecurity company SentinelOne (NYSE: S) was down sharply on Wall Street today despite reporting strong results for the third fiscal quarter, beating the analysts on earnings per share.

The share price is currently down 11.33% at $45.23, giving a market cap of $12 billion, wiping out almost all of yesterday’s 13.40% gains. Even so the company’s share price is still 30% higher than at its IPO in June, although at its peak the share price was 118% above the IPO price. Before falling back, SentinelOne was more valuable than veteran Israeli cybersecurity company Check Point Software Technologies Ltd. (Nasdaq: CHKP), which currently has a market cap of $14.67 billion.

One possible reason for the fall in share price, despite the strong results, is that the lock-up period in which pre-IPO shareholders could not sell their stakes send this week.

In the third fiscal quarter, SentinelOne reported revenue of $56 million, up 128% from the corresponding quarter of 2020. Revenue in the first three quarters of 2021 was $139 million, up 120% from the corresponding period of last year.

GAAP net loss in the third quarter widened to $68.6 million from $30.2 million in the corresponding quarter last year. Non-GAAP net loss in the third fiscal quarter was $39.9 million or $0.15 per share, beating the analysts who had expected $0.18 per share.

SentinelOne CEO Tomer Weingarten said, “Customers continue to choose Singularity XDR because of our protection, detection, response, and automation capabilities. Our business is performing extremely well. Q3 marks the third consecutive quarter of triple digit ARR growth. We continued to make progress across all aspects of our growth strategy outlined during the IPO.”

SentinelOne CFO Dave Berhardt added, “Our ARR growth accelerated to 131% year-over-year as we delivered ARR of $237 million. The strength was broad based, including new and existing customers as well as large and mid-sized enterprises.” 

Published by Globes, Israel business news – – on December 8, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

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