The stock market is going through very turbulent times. Redwood City-based Sumo Logic (Nasdaq: SUMO) recently announced impressive quarterly results, but the market turmoil did not help its stock price soar.

Sumo Logic’s Financials

Recently, Sumo Logic announced its second-quarter results. Revenue grew 19% to $58.84 million and non GAAP loss was $0.11 per share. The market was looking for revenues of $56.67 million and a loss of $0.14 per share.

For the third quarter, Sumo Logic expects revenue of $60.3-$61.3 million and a loss per share of $0.14. For the year, it expects revenue of $236.8-$238.8 million and a loss per share of $0.52-$0.51. The market was looking for revenue of $60.86 million and a loss of $0.14 per share for the quarter and revenue of $237.98 million and a loss of $0.51 per share for the year.

Sumo Logic’s Offerings

Recently, Sumo Logic and IBM announced the availability of Sumo Logic’s Continuous Intelligence Platform on Red Hat Marketplace, which will offer a simpler way to buy and deploy certified container-based software. It will offer its cloud-native security and observability solutions for companies on the Red Hat OpenShift platform, allowing them to deploy faster and achieve insights into their cloud and hybrid infrastructures, applications, and services. Sumo Logic believes that organizations want to streamline the procurement, deployment, and management of their container applications. Sumo Logic’s Platform acts as a single-stop solution to allow for observability, security, and business intelligence into their data. The collaboration with IBM will offer this platform on Red Hat Marketplace, making it easier for customers to leverage their DevSecOps platform and migrate their applications across hybrid cloud environments.

It also announced a partnership with SYNNEX that will deliver a customizable cloud-native security practice, leveraging Sumo Logic’s Practice Builder program on its Continuous Intelligence Platform. With solutions throughout Cloud SIEM, Cloud SOAR, Cloud Security Monitoring Analytics, and Compliance, the partnership will allow customers to get full-spectrum visibility across their on-premises and cloud environments to prioritize security insights, rapidly respond to threats in real-time and enforce security and compliance policies, while also achieving greater cyber resilience.

Earlier this quarter, Gartner included Sumo Logic in its magic quadrant for Security Information and Event Management (SIEM) as a visionary on account of its ability to execute and the completeness of vision. Yet, you should keep in mind that Gartner gave six of Sumo’s competitors even stronger positions as leaders in that magic quadrant. But the SIEM market is a crowded place as can be seen in the magic quadrant below. Sumo Logic faces stiff competition from the likes of mighty players, like IBM and Microsoft, along with niche players, like Rapid7, Splunk, and Securonix.

Sumo Logic’s stock is trading at $15.38 with a market cap of $1.69 billion. It touched a 52-week high of $46.37 in February and a 52-week low of $15.03 earlier this month.