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According to a recent report, the global SaaS market is estimated to grow at 19% CAGR to $702.2 billion by 2030. Redwood City-based Sumo Logic (SUMO) is a leading SaaS analytics platform that enables reliable and secure cloud-native applications. It recently announced impressive quarterly results.

Sumo Logic’s Financials

For the second quarter, revenues grew 26% to $74.1 million and loss was $0.10 per share. The market was looking for revenues of $70.53 million and a loss of $0.14 per share.

For the third quarter, Sumo Logic expects revenue in the range of $73.5-$74.5 million and a loss per share of $0.15. The market was looking for revenues of $72.9 million and a loss of $0.16 per share. For the fiscal year, Sumo Logic expects revenues in the range of $289-$293 million and a loss per share of $0.56-$0.54. The market expects revenues of $290.16 million and a loss of $0.59 per share for the year.

Sumo Logic’s Offerings

Recently, Sumo Logic announced the availability of Sumo Logic Cloud SIEM as a part of the Sumo Logic FedRAMP-Moderate offering. The availability makes Sumo Logic the first cloud-native SIEM to deliver insights into on-premises and cloud environments for public sector organizations to help them navigate the growing global threat landscape. It also announced the expansion of its partnership with CloudHesive to utilize Sumo Logic Cloud SIEM for strengthening the security posture for data and digital services required by the federal government security protocol. Sumo Logic believes that significant growth in the coming years will come from the federal and the public sector, and it is stepping up efforts to address this growth.

Meanwhile, it also announced the general availability of Sumo Logic Reliability Management. Reliability Management enables developers, SREs, and DevOps teams to manage the reliability of their mission-critical apps by adopting a Service Level Objectives (SLOs) methodology. This approach focuses on the reliability of the application from the end user perspective instead of monitoring and alerting across all of the infrastructure, services, and application components involved in the response. The offering is seeing use cases across industries with organizations using SLOs to understand and support the journey of their cloud transformation.

It also enhanced its Kubernetes offering by releasing a new process to deliver Kubernetes observability. A much simplified process now streamlines the Sumo Logic collection process and ensures faster time-to-value for Kubernetes observability. It makes it easy for developers by establishing appropriate collection for the Kubernetes environment, installing the relevant app dashboards to view data and help diagnose and troubleshoot issues and by validating automatically generated alerts.

Sumo Logic’s stock is trading at $7.42 with a market cap of $879.6 million. It touched a 52-week high of $17.80 in October last year and a 52-week low of $6.57 in July.

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