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Ping Identity Drops on Loss, Revenue Miss and Light Guidance

Ping Identity dropped after the digital identification company reported a loss, and revenue and a guidance midpoint that missed analyst estimates.

Shares of Ping Identity  (PING) - Get Ping Identity Holding Corp. Report dropped after the digital identification company reported fourth-quarter revenue and a guidance midpoint that missed analyst estimates. 

Ping shares at last check were down 23% to $24.93. 

The Denver company swung to a loss of $3.4 million, or 4 cents a share, from earnings of $2.2 million, or 3 cents, in the year-earlier period. Adjusted earnings in the quarter were 9 cents per share, above the FactSet call for 8 cents. 

Ping Identity reported fourth-quarter revenue of $63.3 million, down 7% year over year and below the FactSet consensus analyst estimate of $68.9 million. 

For the first quarter, the company guided for revenue between $61.5 million and $63.5 million while analysts surveyed by FactSet are expecting revenue of $62.8 million. 

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For the full year, Ping reinstated its outlook for revenue between $255 million and $265 million compared with consensus expectations of $261.1 million

"With the growth and rising demand for our cloud offerings, we now have more than half of our customers accessing our solutions in the cloud and a rapidly growing portion of our annual recurring revenue from software as a service," Chief Executive Andre Durand said in a statement.

"This is a key indicator that our investments related to cloud and new product innovations are gaining strong traction in the market."

Ping has been pushing toward a software-as-a-service revenue model, which could account for the light revenue compared with a year earlier. 

Annual recurring revenue for the quarter totaled $259.1 million, a 15% increase year over year.