Why Sumo Logic Dived 18% Lower on Monday

Just before noon on Monday, the cloud-based IT monitoring specialist Sumo Logic (NASDAQ: SUMO) unveiled its first set of quarterly results since its IPO. While those figures were encouraging, an early mini-rally in the company's shares turned very sour, with the stock ultimately closing 18% lower.

For Q3 of fiscal 2021, Sumo posted revenue of $51.9 million, which was 28% higher than the same period last year. On the bottom line, the company managed to trim its non-GAAP (adjusted) net loss considerably from the Q3 2020 deficit of $15.9 million to just shy of $3.3 million ($0.06 per share).

On average, prognosticators following the stock had estimated $41.9 million on the top line, and a much deeper adjusted net loss of $0.24 per share.

Source Fool.com