SentinelOne (NYSE:S) shares are inching upward today after the cybersecurity company posted impressive second-quarter numbers. Revenue soared by 45.8% year-over-year, reaching $149.4 million, which exceeded estimates by $8.4 million. Importantly, the net loss per share of $0.08 came in much narrower than the anticipated mark by $0.06.
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During the quarter, SentinelOne saw its total number of customers rise by 30% to surpass 11,000. Simultaneously, its annualized recurring revenue popped by 47% to $612.2 million. The company is gradually approaching positive free cash flow and witnessed a gross margin improvement of about 500 basis points, reaching 70% in Q2.
For the upcoming quarter, SentineOne expects revenue to be $156 million, with a projected gross margin of 76%. For the full fiscal year of 2024, it anticipates $605 million in revenue.
Overall, the Street has a consensus price target of $17.86 for SentinelOne, alongside a Moderate Buy consensus rating. Today’s price gain comes on top of a 14.1% rise in SentinelOne shares so far this year.
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