Sumo Logic beats Q2 expectations as it aims to expand platform
Sumo Logic on Thursday published second-quarter financial results, beating market expectations. The log management and data analytics service provider.
Non-GAAP net loss was $11.5 million or 11 cents per share. Second-quarter revenue grew 19% year-over-year to $58.8 million.
Analysts were expecting a net loss of 14 cents per share on revenue of $56.69 million.
"This quarter, we saw continued momentum in our business as new and current customers adopt our Continuous Intelligence platform for a broad range of Observability and Security use cases," CEO Ramin Sayar said in a statement. "We will continue to invest in platform expansion and expanded routes to market to position us to capture the significant opportunity created by digital transformation and cloud migration."
During the quarter, Sumo Logic closed its acquisition of Sensu, an open-source monitoring company, to add key elements to its observability platform. Also, in Q2, Sumo Logic rolled out new capabilities in its Observability solution, including Real User Monitoring and Span Analytics.
Sumo Logic is incorporating its intellectual property into a next-gen observability platform, called Observability Suite, so clients can harness their business data for a range of purposes like predicting customers' buying patterns and seasonal sales dips and spikes.
For the third quarter of fiscal 2022, Sumo Logic expects total revenue between $60.3 million and $61.3 million, representing 16% to 18% growth year-over-year. For the full fiscal year 2022, Sumo Logic expects total revenue between $236.8 million and $238.8 million, representing 17% to 18% growth.