Shares of software-as-a-service (SaaS) platform provider Sumo Logic (NASDAQ:SUMO) are soaring higher today on the back of its third-quarter numbers.
Revenue rose 27.3% year-over-year to $78.95 million, outpacing estimates by nearly $4.75 million. Net loss per share at $0.04 too, came in narrower than estimates by $0.11.
Impressively, SUMO’s annual recurring revenue increased by 22% to about $299 million. For fiscal 2023, the company now expects the top line to range between $298 million and $299 million. Net loss per share is anticipated to hover between $0.36 and $0.35.
Analysts, in the meantime, have a Moderate Buy consensus rating on the stock alongside an average price target of $12.50 implying a whopping 73.4% potential upside.
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