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Why Sentinelvan Stock Jumped Today

BusinessMarketsWhy Sentinelvan Stock Jumped Today
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What happened

shares of sentinelvan (NYSE: S) Shares climbed on Wednesday after the cyber defense specialist reported sharp sales growth and progress toward profitability. As of 2:53 p.m. ET, its share price was up more than 8%.

So what

SentinelOne’s revenue grew 92% year over year to $126.1 million in the fiscal 2023 fourth quarter ended January 31, driven by strong demand for its endpoint and cloud security solutions.

SentinelOne’s customer base grew 50% to more than 10,000. Cyber ​​security The provider also earned more business from its existing customers, as evidenced by its impressive net revenue-retention rate of over 130%.

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“We continue to secure businesses of all sizes across geographies driven by strong sales execution and high win rates against legacy and large next-generation security vendors,” CEO Tomer Weingarten and Chief Financial Officer Dave Bernhardt said in a letter to shareholders. keep.”

In addition, SentinelOne’s profit margin improved significantly as it scaled its operations. Its adjusted gross margin expanded to 75% from 66% in the prior-year quarter, while its adjusted operating margin expanded to negative 35% from negative 66%. SentinelOne’s adjusted net loss per share, in turn, narrowed to $0.13 from $0.17 in the year-ago period.

now what

Management noted that the current economic environment is prompting its clients to be more conservative with their technology investments. However, Weingarten and Bernhardt said, “the enterprise’s need for cyber security remains mission critical.”

Thus, SentinelOne expects its revenue to grow to between $631 million and $640 million in fiscal year 2024, up from $422 million in fiscal year 2023. The company also sees its adjusted operating margin improving from negative 49% to negative 25% to 29%.

“Looking ahead, we plan to remain dynamic by investing strategically in key growth areas and ensuring that our path to profitability is not distracted by varying economic scenarios,” Weingarten and Bernhardt said.

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Joe Tenebruso Do not have any position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. A in The Motley Fool Disclosure Policy,

The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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