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Ping Identity Tops Quarterly Targets, But Stock Drops

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JohnCM Member Level  Wednesday, 05/13/20 12:08:25 AM
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Ping Identity Tops Quarterly Targets, But Stock Drops On Weak Outlook

05/06/2020

Cybersecurity provider Ping Identity (PING) late Wednesday beat Wall Street's targets for the first quarter but gave a weak sales outlook. The earnings news drove PING stock lower in extended trading.

The Denver-based company earned an adjusted 6 cents a share on sales of $61.4 million in the March quarter. Analysts were looking for earnings of 3 cents a share on sales of $59.8 million. On a year-over-year basis, Ping Identity earnings rose 50% while sales climbed 22%.

For the second quarter, Ping Identity forecast sales of $51 million, based on the midpoint of its outlook. Wall Street had predicted sales of $62.5 million.

It also withdrew its full-year guidance due to market uncertainties related to the coronavirus pandemic. Ping Identity had issued its 2020 guidance on March 4.

Ping Identity Pivots To Help Remote Workers

"Despite rapidly changing economic conditions, our first-quarter performance was strong," Chief Executive Andre Durand said in a news release.

He added, "We have quickly pivoted our focus to helping our customers solve their immediate needs of enabling their employees to work remotely. This pandemic and the shock to traditional ways of doing business is proving the essential nature of identity as the foundation of the digital economy."

Subscription revenue accounted for 93% of total sales in the first quarter.

PING Stock Drops In Late Trading

In after-hours trading on the stock market today, PING stock tumbled 9.1%, near 23.90. During the regular session ahead of the Ping Identity earnings report, PING stock rose 2.2% to 26.28.

Ping Identity went public in September, with its initial public offering priced at $15 a share.



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