Israeli cybersecurity company SentinelOne (NYSE: S) was in the headlines last month after reports that it was putting itself up for sale and subsequently that another Israeli cybersecurity company Wiz was considering submitting an offer to buy it.
But interviewed by CNBC at the end of last week, after the company reported better than expected financial results for the second fiscal quarter, SentinelOne cofounder and CEO Tomer Weingarten insisted that the company was not for sale.
Weingarten told CNBC, "Obviously, there is an unbelievable amount of rumors and speculation in the market. I think what you can easily see from our numbers is that we’re a high-growth company, a high-performance company. We’re solely focused on our individual path. We have demonstrated unbelievable margin improvement alongside incredible growth, so all in all right now, for us it’s just doing the best that we can to drive our innovation, protect our customers." He added that the best way to achieve this was by remaining a publicly traded independent company.
In its fiscal second quarter financial results, SentinelOne reported revenue of $149 million, up 46% from the corresponding quarter of 2022, and annual recurring revenue of $612 million, up 47%. Non-GAAP net loss in the second quarter was $24.6 million, narrowing from $55.9 million in the second quarter of 2022.
SentinelOne also revised its guidance upwards, after cutting it last quarter. The company expects 2023 revenue of $605 million, up from $590-600 million.
SentinelOne's share price rose 3.49% on Friday to $17.21, giving a market cap of $5.089 billion, still well below the $9 billion valuation at its IPO in 2021.
Published by Globes, Israel business news - en.globes.co.il - on September 3, 2023.
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