Forgerock Inc Cl A Up 1.88% To $20.05 After Earnings Miss

Tuesday, May 9, 2023 - Forgerock Inc Cl A (FORG) reported downside earnings and upside revenues.

Forgerock Inc Cl A's earnings came in at an EPS loss of $0.09 per share, 50% lower than estimates for an EPS loss of $0.06 per share. The firm's loss per share narrowed by 25% since reporting a loss of $0.12 per share a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were upbeat at $63.1 million. That is an increase of 31.29% in revenues from the year-ago report and is 4.39% higher than consensus estimates set at $60.5 million.

The stock is up 1.88% to $20.05 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

Trading in the five days leading up to the report earned Forgerock Inc Cl A a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 53. Meanwhile, the average Wall Street analyst rated the stock a Hold.

ForgeRock Inc is a next-generation cloud identity company. Its products include Identity Management, Access Management, Identity Governance, AI-powered Autonomous Identity. Its revenue includes recurring revenue from term licenses, SaaS, and maintenance and support which it refers to as subscription revenue.