Tenable Holdings Inc posted first quarter financial results that beat Wall Street expectations, but the stock nosedived on the cyber security company’s weak revenue guidance.
For the period ended March 31, 2023, the Columbia, Maryland-based company reported earnings of $0.13 per share on revenue that grew 18.5% year-over-year to $188.8 million. The consensus earnings estimate was $0.03 per share on revenue of $187.1 million.
The company said it expects 2Q non-GAAP earnings of $0.12 to $0.13 per share on revenue of $189 million to $191 million. The current consensus earnings estimate is $0.10 per share on revenue of $193.75 million for the quarter ending June 30, 2023.
Investors who were in a punishing mood, reacted quickly to the weak revenue number sending Tenable stock down nearly 21.6% to $35.60.
Tenable says roughly 43,000 companies rely on it to understand and reduce cyber risk. It is the creator of Nessus, a popular vulnerability scanner that allows companies to guage and secure any digital asset on any computing platform.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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