Ping Identity (PING) Tops Q1 EPS by 3c, Guides Below

Ping Identity (NYSE: PING) reported Q1 EPS of $0.06, $0.03 better than the analyst estimate of $0.03. Revenue for the quarter came in at $61.4 million versus the consensus estimate of $59.76 million.

In this uncertain and challenging time, our thoughts are with those impacted by COVID-19 and our priority remains the health of our employees and the stability of services for customers and partners. Despite rapidly changing economic conditions, our first quarter performance was strong. We have quickly pivoted our focus to helping our customers solve their immediate needs of enabling their employees to work remotely. This pandemic and the shock to traditional ways of doing business is proving the essential nature of identity as the foundation of the digital economy,” said Andre Durand, Ping Identity’s founder and Chief Executive Officer.

“Looking forward, our visibility into the remainder of 2020 is not as clear as it was prior to the onset of the pandemic, but Ping Identity has weathered difficult times in the past. Our track record lasts nearly two decades and has taught us the importance of investing prudently in innovation while tightly managing non-essential costs. Our investments in key technologies and go-to-market initiatives will position us well for strong growth when the economy recovers,” Durand concluded.

GUIDANCE:

Ping Identity sees Q2 2020 revenue of $49-53 million, versus the consensus of $62.5 million.

For earnings history and earnings-related data on Ping Identity (PING) click here.

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