Sumo Logic beats Q3 estimates
Sumo Logic on Monday published its third-quarter financial results, beating market expectations with the continued adoption of its Continuous Intelligence platform.
The log management and data analytics service provider reported a non-GAAP net loss of $13.3 million or 12 cents per share. Revenue was $62 million, an increase of 20% year-over-year.
Analysts were expecting a net loss of 14 cents per share on revenue of $60.86 million.
"Sumo Logic delivered another strong quarter of revenue growth for the fiscal third quarter. Results were again driven by continued adoption of our leading Continuous Intelligence platform, which helps our customers ensure application reliability, manage and optimize multi-cloud infrastructure, as well as secure and protect against modern security threats," CEO Ramin Sayar said in a statement. "We continue to leverage our differentiated DevSecOps platform across a broad range of observability and security uses cases, which we believe strengthens our position and helps us further capture the significant opportunity created by digital transformations and cloud migrations."
For the fourth quarter of fiscal 2022, Sumo Logic expects revenue between $63.7 million and $64.7 million, representing 18% to 20% growth year-over-year. For the full fiscal year, the company expects revenue between $238.8 million and $239.8 million, representing 18% growth.