Ping Identity stock drops on light outlook

Ping Identity stock drops on light outlook

Ping Identity Holding Corp. PING, +2.00% shares dropped in the extended session Wednesday after the high end of the cybersecurity company’s outlook range for the current quarter was close to the Wall Street average estimate. Ping shares fell 11% after hours, following a 2% rise in the regular session to close at $27.94.

Ping expects fourth-quarter revenue of $67 million to $70 million and ARR of $255 million to $257 million, while analysts surveyed by FactSet had forecast on revenue of $68.3 million and ARR of $256.9 million. ARR, or annual recurring revenue, is a software-as-a-service metric that shows how much revenue the company can expect based on subscriptions. The company reported a third-quarter loss of $996,000, or a penny a share, compared with a loss of $595,000, or a penny a share, in the year-ago period. Adjusted earnings, which excludes stock-based compensation expenses and other items, were 11 cents a share, compared with 13 cents a share in the year-ago period. Revenue declined to $59.9 million from $61.8 million in the year-ago quarter. ARR rose 17% to $242.6 million. Analysts had forecast earnings of 2 cents a share on revenue of $55.9 million and ARR of $241.1 million.

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