IronNet Inc (NYSE:IRNT) shares are trading lower in Tuesday's after-hours session after the company announced worse-than-expected financial results.
IronNet reported first-quarter revenue of $6.69 million, which missed the estimate of $7.02 million, according to data from Benzinga Pro. The company reported a quarterly earnings loss of 33 cents per share, which missed the estimate of 17 cents per share.
"Our topline results were consistent with our expectation that certain customers in our transactional business would be delayed in signing or renewing their contracts, resulting in reduced ARR and revenue from the prior quarter. We would like to reiterate that we see these opportunities as pending rather than lost," said William Welch, co-CEO of IronNet.
IronNet reaffirmed full-year revenue guidance of approximately $34 million, representing growth of nearly 25% year-over-year. Annual recurring revenue is expected to be approximately $48 million at the end of the year, representing growth of 50% year-over-year.
IronNet is a global cybersecurity firm transforming how organizations secure their networks.
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IRNT Price Action: IronNet has traded as high as $47.50 and as low as $2.03 over a 52-week period.
The cybersecurity stock was down 13.73% in after hours at $2.20 at press time.
Photo: harshahars from Pixabay.
