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Ping Identity stock drops 11% after quarterly sales miss

Shares of Ping Identity Holding Corp. PING, -19.31% fell nearly 11% in the extended session Wednesday after the software company missed fourth-quarter sales expectations. Ping said it lost $3.4 million, or 4 cents a share, in the quarter, contrasting with earnings of $2.2 million, or 3 cents a share, in the year-ago quarter. Adjusted for one-time items, Ping earned 9 cents a share, compared with 14 cents a share a year ago. Sales fell to $63.3 million, from $68.2 million a year ago. Analysts polled by FactSet had expected Ping to report adjusted earnings of 9 cents a share on sales of $68.9 million. The company guided for first-quarter revenue between $61.5 million and $63.5 million, and it also reinstated its outlook, calling for 2021 revenue between $255 million and $265 million.

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