By Akshita Toshniwal
(Reuters) – Sentinel ON Inc raised its annual earnings forecast on Thursday as macroeconomic fears eased.
The cyber security company clarified that it has canceled its “resale agreement” with Wiz and that their partnership with the startup is still ongoing.
“Wiz is a good little startup, we love working with them. But again, we didn’t see any contribution in terms of a sales deal. We didn’t feel like it was something that happened on their end, so we decided to terminate that,” Sentinel CEO Tomer Weingarten said on an investor conference call on Thursday. Lai said, a day after hearing of the termination of the partnership.
Startup Wiz said last week it was considering a possible bid for struggling SentinelOne after it reported it was considering putting itself up for sale.
Shares of the company rose 1.5 percent after the bell.SentinelOne offers artificial intelligence-powered cybersecurity products that are seeing steady demand as companies face growing cybersecurity attacks and maintain their security budgets.
The Mountain View, Calif.-based company expects full-year revenue of $605 million, up from the $590 million to $600 million forecast in June. Analysts estimate an average of 594.77 million dollars, according to Refinitiv data.
The cybersecurity company also forecast revenue of $156 million for the third quarter, beating analysts’ estimates of $154.20 million.
Its peer CrowdStrike Holdings raised its full-year outlook on Wednesday and gave a positive forecast for the third quarter.
CentelOne’s total customer base grew 30% to 11,000 customers as of July 31, as the flagship Singularity platform offering saw steady adoption among public and private customers.
The company posted a loss of 8 cents excluding items, compared with expectations for a 14 percent loss.
(Reporting by Akshita Toshniwal in Bengaluru; Editing by Shailesh Kuber)
