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Sumo Logic stock falls 7% after Q4 results, deal to buy Italy’s DF Labs

Economy, Finance

Shares of Sumo Logic Inc. fell more than 7% in the extended session Wednesday after the data analytics company reported fiscal fourth-quarter results that were better than Wall Street expected and a deal to buy an Italian company. Sumo Logic said it lost $20.6 million, or 20 cents a share, in the quarter, compared with a loss of $34.5 million, or $1.95 a share, in the year-ago quarter. Adjusted for one-time items, the company lost $6.7 million, or 7 cents a share. Revenue rose 22% to $54.2 million, the company said. Analysts surveyed by FactSet had expected the company to report an adjusted loss of 12 cents a share on sales of $52.1 million. Sumo Logic also announced it plans to buy Italy’s DF Labs S.p.A., a “leader in security orchestration, automation and response (SOAR) technology.” The deal is expected to close in the second quarter of fiscal 2022. Sumo Logic guided for first-quarter revenue between $53.2 million and $54.2 million, which would represent 13% to 15% growth year over year, it said. It guided for an adjusted loss per share of $12 cents. For the full fiscal year 2022, Sumo Logic expects revenue between $231 million and $235 million, and non-GAAP net loss per share between 50 cents and 48 cents. The stock ended the regular trading day down 4.6%.

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