Shares of Tenable (NASDAQ:TENB) popped 18% today after the company reported second-quarter earnings. The results easily topped Wall Street's expectations and guidance was also strong.
Revenue in the second quarter was $107.2 million, beating the $102.2 million in sales that analysts were looking for. That led to adjusted net income of $4.7 million, or $0.04 per share. The consensus estimate had called for an adjusted net loss of $0.05 per share. Calculated billings increased 13% to $111.2 million, and the cybersecurity technology specialist finished the quarter with $242.1 million in cash on the books.
"Our dedication to a best-of-breed strategy for vulnerability management continues to drive results," CEO Amit Yoran said in a statement. "In a time when organizations' attack surfaces are expanding across more distributed workforces, accelerating cloud deployments and evolving OT environments, customers rely on our Cyber Exposure solutions to discover, measure and reduce their cyber risk."
Tenable is benefiting from increased demand for cybersecurity offerings as companies accelerate digital transformations amid the ongoing COVID-19 pandemic. At the same time, the company said it was able to save $2 million to $3 million related to the coronavirus in the form of reduced travel and field marketing.
In terms of guidance, revenue in the third quarter is forecast in the range of $108 million to $110 million, which should result in adjusted earnings per share of $0.02 to $0.03. Wall Street is currently modeling for $108.7 million in sales and an adjusted net loss of $0.05 per share.