SentinelOne CEO Tomer Weingarten shared with CNBC in an interview that they were concentrating on their individual goals. The cybersecurity software maker posted better-than-anticipated fiscal second-quarter results Thursday. In June, SentinelOne declared that it was reducing its staff by 100 people, equivalent to 5% of the staff.
Tomer Weingarten, co-founder and CEO of SentinelOne, a cybersecurity company that had its initial public offering in 2021 and has yet to exceed the highs of that year, told CNBC in an interview Thursday that the company is not for sale. This statement is in contrast to an earlier Reuters report citing unnamed sources which said SentinelOne was exploring the idea of a sale. Bloomberg reported that security startup Wiz was looking to acquire the company, citing words from a Wiz spokesperson.
SentinelOne shares increased over 10% after-hours in response to its fiscal second-quarter results which were greater than anticipated. Revenue rose 46% year over year, a drop from the 70% in the first quarter. The company is projecting $156 million in revenue for the third quarter, higher than the Refinitiv consensus estimate of $154.2 million.
Weingarten said that although there are numerous rumors of the company's possible sale, SentinelOne has proved themselves to be a successful, high growth company with improved margins. He explained that staying as an independent, publicly traded company is the best way to ensure their customers are well-protected.
In June,SentinelOne made the decision to reduce its workforce by 5% with the termination of 100 employees. The company offers multiple products, making them competitors of CrowdStrike and VMware, as well as Microsoft. Weingarten mentioned that the company has been steadily gaining market share. SentinelOne's reseller agreement with Wiz has been cancelled, but the companies have still kept their partnership in place.
SentinelOne's stock has risen about 14% since the start of 2021, lagging behind the First Trust Nasdaq Cybersecurity ETF, which is up 22%. CrowdStrike, another ETF holding, has seen its stock increase by 55% this year.
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