Sailpoint sails higher on powerful Q2 earnings

By Baystreet Stocks to Watch

Sailpoint Technologies Holdings Inc (NYSE: SAIL) rose strongly in early Thursday trading, following better-than-expected Q2 earnings and strong Q3 and FY18 guidance.

The company, based in Austin, Texas, reported total revenue was $54.6 million, a 39% increase over Q2 2017. License revenue was $19.1 million, a 43% increase over Q2 2017. Subscription revenue was $25.0 million, a 53% increase over Q2 2017. Services and other revenue was $10.4 million, an 8% increase over Q2 2017.

Net loss was $(5.6) million, compared to $(4.3) million in Q2 2017. Net loss available to common shareholders per basic and diluted share was $(0.07), compared to $(0.22) in Q2 2017.

Non-GAAP net income was $2.5 million, compared to non-GAAP net loss of $(1.7) million in Q2 2017. Non-GAAP net income per diluted share was $0.03, compared to non-GAAP net loss per basic and diluted share of $(0.02) in Q2 2017.

Said CEO Mark McClain, “Our financial results for Q2 2018… showed strong momentum across the business with revenue increasing 39% year-over-year and profitability on a non-GAAP basis.

“At 1,031 customers, we are excited to have crossed the 1,000 customer milestone. Our customers represent everything from the world’s largest companies to cloud-first mid-market enterprises.”

“SailPoint’s open identity platform,” to quote the company’s website, “gives organizations the power to enter new markets, scale their workforces, embrace new technologies, innovate faster and compete on a global basis.”

Sailpoint shares powered ahead $4.07, or 14.7%, to $29.90

This article provided by NewsEdge.