SailPoint stock falls on outlook
SailPoint Technologies Holdings Inc. shares dropped in the extended session Wednesday after the identity governance company's outlook fell short of Wall Street estimates following a surprise profit. SailPoint shares fell 6% after hours, following a 7.2% gain to close the regular session at $27.10. For the fourth quarter, SailPoint expects earnings of 8 cents to 9 cents a share on revenue of $70.0 million to $71.5 million, while analysts surveyed by FactSet had forecast 10 cents a share on revenue of $76 million. The company reported third-quarter net income of $3.3 million, or 4 cents a share, compared with a loss of $11.8 million, or 24 cents a share, in the year-ago period. Adjusted earnings were 12 cents a share. Revenue rose to $66.4 million from $43.6 million in the year-ago quarter. Analysts had forecast a loss of 2 cents a share on revenue of $55.2 million. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.