Sumo Logic stock jumps more than 10% after third-quarter beat, raised outlook

Shares of Sumo Logic Inc.
SUMO,
-7.33%
jumped 11% after hours on Monday after the software-as-a-service provider reported third-quarter results that beat expectations and gave upbeat forecasts for the fourth quarter and full year. The company reported a net loss of $26.3 million, or 22 cents a share, compared with a loss of $30.8 million, or 28 cents a share, in the same quarter last year. Revenue increased to $79 million from $62 million in the prior-year quarter. Excluding stock-based compensation, taxes and other costs, Sumo Logic lost four cents a share, compared with a 12-cent per-share loss in the quarter a year ago. Analysts polled by FactSet expected an adjusted per-share loss of 15 cents, on revenue of $74.2 million. Sumo Logic raised its full-year sales outlook to a range of between $298 million and $299 million, and forecast a narrower adjusted per-share loss of between 35 cents and 36 cents. Management also forecast fourth-quarter sales of between $77 million and $78 million, and an adjusted net loss of eight cents to nine cents a share, both of which were above FactSet forecasts.