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Ping Identity Holding Corp. shares dropped in the extended session Wednesday after the cybersecurity company issued a quarterly outlook that fell short of Wall Street views and pulled its forecast for the year.
Ping PING, +2.21% shares fell 11% after hours, following a 2.2% rise in the regular session to close at $26.28.
Ping expects second-quarter revenue of $49 million to $53 million for the second quarter, and ARR of $231.5 million to $234.5 million. ARR, or annual recurring revenue, is a metric used by software-as-a-service businesses for the value of term subscriptions normalized to a one-year period. The company said it was also pulling its full-year forecast issued in early March.
Analysts surveyed by FactSet had forecast revenue of $63.2 million and ARR of $235.2 million.
“We have quickly pivoted our focus to helping our customers solve their immediate needs of enabling their employees to work remotely,” said Andre Durand, Ping chief executive, in a statement. “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.”
The company reported first-quarter net income of $4.2 million, or 5 cents a share, compared with $4.9 million, or 8 cents a share, in the year-ago period. Adjusted earnings were 6 cents a share.
Revenue rose to $61.4 million from $50.4 million in the year-ago quarter. ARR rose 21% to $230 million, Ping said.
Analysts had forecast earnings of 3 cents a share, revenue of $60.5 million, and ARR of $228.8 million.
