Why Ping Identity Stock Is Plunging Today

Shares of Ping Identity (NYSE: PING) are plunging today, down by 16% as of 12:10 p.m. EST, after the company reported third-quarter earnings. The results topped expectations and its outlook was mostly in line with analyst estimates.

Revenue in the third quarter declined by 3% to $59.9 million, ahead of the $55.8 million in sales that Wall Street was looking for. That resulted in adjusted earnings per share of $0.11, compared to the consensus estimate of $0.02 per share in adjusted profits. The enterprise identity technology company finished the quarter with annual recurring revenue (ARR) of $242.6 million and reported a dollar-based net retention rate of 110%. Ping now has 252 customers that generate over $250,000 in ARR.

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Source Fool.com