: Sumo Logic stock drops after first results as public company

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Sumo Logic Inc. SUMO shares fell Monday after the data analysis company reported its first results as a public company. At last check, Sumo shares dropped 16% to $25.31 at last check, after touching an intraday high of $32.44 earlier in the trading session. The company reported a third-quarter loss of $23.9 million, or 43 cents a share, compared with a loss of $28.6 million, or $1.95 a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 6 cents a share. Revenue rose to $51.9 million from $40.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 24 cents a share on revenue of $49.1 million. Sumo forecast an adjusted loss of 13 cents to 12 cents a share on revenue between $51.8 million and $52.3 million for the fourth quarter, and a loss of 79 cents to 78 cents a share on revenue of $200.3 million to $200.8 million for the year. Analysts had estimated a loss of 15 cents a share on revenue of $50.8 million for the fourth quarter, and $1.05 a share on revenue of $196.5 million for the year. Back in September, Sumo priced its initial public offering at $22 a share.
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