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Ping Identity stock surges 20% after results top Street estimates

Ping Id Holding Corp. shares rallied within the prolonged session Wednesday after the cybersecurity firm’s quarterly outcomes exceeded Wall Avenue expectations.

Ping
PING,
+1.68%

shares surged 20% after hours, following a 1.7% rise within the common session to shut at $22.36.

The corporate reported a second-quarter lack of $11 million, or 13 cents a share, in contrast with a lack of $3.3 million, or 4 cents a share, within the year-ago interval.

Adjusted earnings, which excludes stock-based compensation bills and different objects, have been 11 cents a share, in contrast with 8 cents a share within the year-ago interval.

Income rose to $78.9 million from $59 million within the year-ago quarter, and ARR rose 19% to $279.6 million.

Analysts had forecast earnings of 4 cents a share on income of $66.1 million and ARR of $273.2 million. ARR, or annual recurring income, is a software-as-a-service metric that exhibits how a lot income the corporate can anticipate primarily based on subscriptions.

Ping expects third-quarter income of $65 million to $75 million and ARR of $286 million to $288 million, and income of $278 million to $285 million and ARR of $304 million to $306 million for the yr.

Analysts surveyed by FactSet had forecast on income of $68.3 million and ARR of $282 million for the quarter, and income of $269.4 million and ARR of $299.8 million for the yr.

https://www.marketwatch.com/story/ping-identity-stock-surges-20-after-results-top-street-estimates-11628110233?rss=1&siteid=rss | Ping Id inventory surges 20% after outcomes prime Avenue estimates

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