SentinelOne, Inc shares gained as much as 5% in pre-market trading on Friday after the cybersecurity company reported a second-quarter fiscal 2024 adjusted loss that narrowed to $0.08 a share from a $0.20 deficit a year earlier, surpassing the analyst consensus forecast for a loss of $0.14 per share.
The company’s revenue for the period, meanwhile, rose 46% to $149.4 million, which also exceeded the $141 million estimate.
"Our second-quarter performance exceeded our expectations across the board," SentinelOne CEO Tomer Weingarten said in a statement.
"We’re delivering industry-leading margin improvement while maintaining strong growth, and steadily approaching positive free cash flow generation."
SentinelOne also raised its full-year 2024 revenue forecast to $605 million, which is higher than the $594.77 million consensus estimate.
Nonetheless, BofA analysts urged caution for investors.
"While we are positive on the improvements in 2Q, looking ahead to 2H, we believe the level of improvements will be more muted, keeping us on the sidelines," the analysts wrote in a note to clients.
Shares of SentinelOne have gained 14% year to date as of Thursday’s close.
Contact Sean at sean@proactiveinvestors.com