SentinelOne made 38 percent more profit last quarter than at the end of fiscal 2023, bringing the total figure to $172.4 million. Shareholders still had to surrender 2 cents per share. With the release of the figures, SentinelOne closes out fiscal year 2024.
The release of SentinelOne’s quarterly figures produced a poor trading day for the company. Shares dropped more than ten percent in value. However, the cybersecurity company was able to post a better profit figure than during the fourth quarter of 2023. Moreover, the total figure of $172.4 million was also higher than the $169.31 million predicted by analysts.
Shareholders expect more
Shareholders still ended up with a loss on revenue of two cents per share. They also surrendered 13 cents per share in 2022. The “poor” forecast for the upcoming year left shareholders despondent.
It is not that the cybersecurity company expects to have to sacrifice profits. Earnings are expected to rise from $621.1 million to between $812 million and $818 million. That means the $817.5 million predicted by analysts can only be achieved in the best-case scenario. That disappointed many shareholders.
SentinelOne expects to achieve a higher profit figure by attracting more new customers. That has been the course of business during the past year. Tomer Weingarten, CEO of SentinelOne, cited in the release why the company is able to attract new customers: “Our pace of innovation and leadership in security continues to be unmatched. Enterprises are choosing SentinelOne across all endpoints, data, cloud security and more at a record pace. We are giving control back to enterprises through enterprise-wide visibility and autonomous cybersecurity.”
A big step in cloud security
A recent beneficial development for SentinelOne was its acquisition of PingSafe. The acquisition gave it a full-fledged CNAPP or Cloud Native Application Protection Platform. Integrating this platform into SentinelOne’s existing offerings should create less noise for SOC staff and security teams.
Also read: SentinelOne acquires PingSafe and takes big step in cloud security
22 hours ago
