The analytical platform Sumo Logic increased revenue by 26%

Last week, IT company Sumo Logic, Inc. (SYMC) published a favorable report for the second quarter of the fiscal year 2023. Sales growth and a good forecast supported the quotes. At the auction on August 26, SUMO stock was worth $8.79. The market capitalization was $976.83 billion. In the quarter that ended July 31, Sumo Logic’s revenue increased by 26% to $74.1 million, GAAP gross margin by 65%, and a loss of $35.9 million, or $0.31 per share. The stock of cash and equivalents amounted to $350.6 million. The company now has almost 490 customers who spend more than $100 thousand a year on Sumo Logic solutions. 

Following the results of the entire financial year, Sumo Logic expects revenue growth of 19-21%, up to $289-293 million, and non-GAAP profit in the range of $0.56—0.54. The management of Sumo Logic expects that favorable market conditions will continue in the long term. The company follows global trends in IT by offering a real-time analytics service. Sumo Logic has a platform that can combine and analyze data in the cloud, for example, to see threats and the structure of a shadow IT system. 

It, according to the SaaS scheme and, unlike many competitors, offers the possibility of creating a continuous flow of analytical data, which allows you to quickly adapt business processes to changing market conditions. For example, a large chemical manufacturer Clorox uses the Sumo Logic Cloud SIEM solution for analytics in its corporate network consisting of thousands of computers. As a result, Clorox has reduced reporting costs, improved data protection, and evaluated the effectiveness of remote work. Sumo Logic will hold an investor day on September 20, 2022, presenting a long-term strategy, including expansion into new markets.