Cybersecurity company SailPoint (SAIL) released its first quarterly earnings report since going public in early February. By many accounts, the numbers looked favorable, Yahoo Finance’s Brian Sozzi reported.
Sales rose 18% year over year. Operating profits increased to $46 million from $28 million a year earlier. For the full year, the company guided for higher earnings than the Street was expecting.
But the market reaction hasn’t been what the company hoped for. SailPoint stock was volatile during Wednesday’s trading session, at one point falling 4%. The stock rebounded slightly in the final hour of trading to close 1% lower.
“We’re scratching our heads a little,” SailPoint founder and CEO Mark McClain told Sozzi over the phone. “We learned a while ago in these markets you’ve got to do what you can do, control what you can control, build the right products, sell them well, support your customers. And when you do that, and the business grows — and grows with a nice profile of profitability — ultimately, these things do sort themselves out.”
“Today is hard to explain,” McClain added. “Honestly, we beat every, every number.”
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