FILE PHOTO: SentinelOne logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -SentinelOne raised annual revenue forecast on Thursday, a sign of growing demand for the company's cybersecurity tools, sending its shares surging around 9% in extended trading.
The company's artificial intelligence-powered Singularity platform ingests and analyzes security data in real time, automates threat detection and responses, and aims to reduce manual work for security teams.
A wave of cyberattacks has hit global companies, including Microsoft, UnitedHealth Group, Walt Disney and Oracle, prompting the need for robust security solutions.
SentinelOne expects third-quarter revenue of $256 million, above analysts' average estimate of $254.4 million, according to data compiled by LSEG.
The company raised its annual revenue forecast to between $998 million and $1.002 billion, compared with its prior expectations of between $996 million and $1.001 billion.
Its annualized recurring revenue (ARR), which is derived from active subscription and usage-based contracts, rose 24% to $1 billion as of July 31.
SentinelOne's second-quarter revenue rose 22% to $242.2 million, in line with analysts' estimates.
It reported adjusted earnings per share of 4 cents, compared with estimates of 3 cents.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Vijay Kishore)
