HomeEquities ScoreHere is why Sumo Logic Inc (SUMO) stock had a BAD Thursday?

Here is why Sumo Logic Inc (SUMO) stock had a BAD Thursday?

Sumo Logic Inc. (SUMO) shares plummeted 5.57% in after-hours on Thursday, September 09, 2021, and closed the daily trading at $19.00. Even in the regular trading session of Thursday, SUMO’s stock lost 0.05%. Its shares have moved down by 5.05% in the past week. Over the past three months, the stock has lost 6.38%, while over the past six months, it has declined 9.65%. Further, the company has a current market of $2.15 billion and its outstanding shares stood at 104.03 million.

Let’s have a look at its recent news and developments.


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SUMO participation in the upcoming investor conferences

Sumo Logic will participate in The Piper Sandler Global Technology Conference, which will be held on September 13, 2021.

The company will also take part at The Jefferies Virtual Software Conference, which is scheduled on September 15th at 10:30 AM Pacific Time, 1:30 PM Eastern Time.

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SUMO recent financial results announcement

On September 09, 2021, Sumo Logic announced its financial results for the second quarter of its fiscal 2022, which ended July 31, 2021.

Q2 2022 financial highlights

  • It reported total revenue of 8 million in Q2 2022 compared to $49.42 million in Q2 2021.
  • Gross profit was $39.06 million in Q2 2022 compared to $35.3 million in Q2 2021.
  • Total operating expenses were $72.0 million in Q2 2022 compared to $47.0 million in Q2 2021.
  • It suffered a GAAP net loss of $32.0 million or $0.30 per share in Q2 2022 compared to a GAAP net loss of  $12.2 million or $0.66 per share in Q2 2021.
  • As of July 31, 2021, the company had cash and cash equivalents and marketable securities of $371.7 million.

Q3 2022 Financial Outlook

For the third quarter of fiscal 2022, the company is expecting,

  • Total revenue in the range of $60.3 million and $61.3 million.
  • Non-GAAP operating loss in the range of $15.5 million to $15.0 million.
  • Non-GAAP net loss per share of $0.14.

SUMO new appointment

On September 09, 2021, Sumo Logic (SUMO) appointed Margaret Francis to its board of directors as an independent board member to help the Company further serve the burgeoning DevSecOps market opportunity.

SUMO collaboration with IBM 

On September 08, 2021, Sumo Logic and IBM announced the availability of Sumo Logic’s Continuous Intelligence Platform™ on the Red Hat Marketplace. the company will offer its cloud-native security and observability solutions for companies running on the Red Hat OpenShift platform, helping them to deploy faster and achieve insights into their cloud and hybrid infrastructures, applications, and services.

SUMO joined ServiceNow

On Sept. 07, 2021, Sumo Logic joined ServiceNow’s Service Graph Connector Program by integrating its Continuous Intelligence Platform™ for logs, metrics, traces, and events with Service Graph, helping customers to quickly, easily, and reliably load third-party data into the system, enabling data quality, timeliness, and scalability.

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Conclusion

The Q2, 2022 financial results were unimpressive for the analysts and hence its stock went down on Thursday. let’s see how it perform on the last trading day of the week.

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