Why Sumo Logic Stock Jumped 12% Today

Shares of Sumo Logic (NASDAQ: SUMO) jumped as much as 12.5% on Tuesday after the company reported better than expected quarterly results. As of 3:04 p.m. ET, the stock was up 9.6% on the day. 

After the close yesterday, Sumo Logic released its financial results for the third quarter, which ended in October. Revenue was $62 million in the period, up 20% year over year, beating the consensus estimate of $60.85 million. The company is still highly unprofitable, with a net loss of $30.8 million in the quarter and negative free cash flow of $13.2 million. 

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Source Fool.com