SentinelOne down 11% after Q3 profit miss

Investing.comDec 4, 2024 10:20 PM

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Investing.com -- SentinelOne Inc (NYSE:S) shares dropped 11% in extended trading after the cybersecurity firm missed Wall Street’s profit estimates for the third quarter.

For the quarter ended October 31, the company reported a breakeven result, with a GAAP earnings per share of $0.00, falling short of analysts' expectations of $0.10 per share.

The Mountain View, California-based company posted a 28% increase in revenue, reaching $210.6 million, slightly above the projected $209.73 million, driven by strong demand.

Enterprise clients continue to invest in AI-powered cybersecurity solutions as rising digital scams and high-profile security breaches pose significant risks to business operations and reputation.

SentinelOne has introduced innovative products, including the generative AI-powered Purple AI and the Singularity platform, aimed at addressing vulnerabilities associated with businesses' expanding digital presence.

The company issued revenue guidance for the fourth quarter, projecting it to be approximately $222 million.

“Based on strong execution and business momentum, we’re raising our revenue growth outlook to 32% for the fiscal year ’25,” the company said in a statement.

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