SailPoint stock rallies after narrower-than-expected loss

SailPoint Technologies Holdings Inc. shares rallied in the extended session Tuesday after the identity governance company turned in a narrower-than-expected loss. SailPoint shares surged 8.7% after hours, following a 3.5% decline in the regular session to close at $19.32. The company reported a second-quarter loss of $9.2 million, or 10 cents a share, compared with a loss of $979,000, or a penny a share, in the year-ago period. The adjusted loss for the most recent quarter was a penny a share. Revenue rose to $63.1 million from $53.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast an adjusted loss of 5 cents a share on revenue of $60.4 million. SailPoint expects adjusted earnings of 2 cents a share on revenue of $69.5 million to $71 million in the third quarter, and 12 cents to 13 cents a share on revenue of $278.5 million to $281.5 million. Analysts had forecast earnings of 4 cents a share on revenue of $71 million for the third quarter, and 15 cents a share on revenue of $279.1 million for the year.

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