Why Tenable Holdings Stock Dropped Today
Shares of Tenable Holdings (NASDAQ: TENB) were down 16.8% as of 2:15 p.m. ET, even after the cybersecurity exposure management company announced strong quarterly results and raised its forward revenue and earnings outlook. The market appears to be concerned over Tenable's reduced guidance for calculated current billings (CCB) -- a key measure for future growth.
On the former, Tenable's quarterly revenue grew 15% year over year, to $201.5 million, translating to an adjusted non-GAAP (generally accepted accounting principles) net income of $27.7 million, or $0.23 per share. Analysts, on average, were looking for earnings of $0.18 per share on revenue of $198.4 million.
Tenable chairman and CEO Amit Yoran credited the company's quarterly beat to a combination of solid execution, outperformance in the public sector (which he noted had little to no impact on CCB), and strength in the U.S. federal market, with multiple seven-figure deals reflected in remaining performance obligations (RPO) growth of 15%. Tenable added 386 new enterprise platform customers during the quarter, including 58 net new customers generating revenue of $100,000 or more.
Source Fool.com
