SailPoint stock rallies as results top Street view

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SailPoint Technologies Holdings Inc. shares surged in the extended session Thursday after the cybersecurity company’s results topped Wall Street estimates. SailPoint shares surged 13% after hours, following a 0.1% rise in the regular session to close at $31.50. The company reported second-quarter net income of $3 million, or 3 cents a share, versus a loss of $9.2 million, or 10 cents a share, in the year-ago period. Adjusted earnings were 15 cents a share, versus an adjusted loss of a penny a share in the year-ago period. Revenue rose to $92.5 million from $63.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast an adjusted loss of 4 cents a share on revenue of $73.6 million. SailPoint expects an adjusted third-quarter loss of 6 cents to 5 cents a share on revenue of $82 million to $84 million, while analysts had forecast break-even results on revenue of $88.2 million.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.