Tufin Chugs on Q2 Figures

Tufin Software Technologies Ltd. (NYSE:TUFN) announced financial results for the second quarter ended June 30, 2019.

The Israeli-based tech company total revenue was $25.1 million, up 36% compared with the second quarter of 2018. Product revenue was $10.9 million, up 31% compared with the second quarter of 2018.

GAAP net loss was $8.2 million, or a loss of $0.26 per share, compared to a GAAP net loss of $3.1 million, or a loss of $0.38 per share, in the second quarter of 2018.

Non-GAAP net loss was $5.6 million, or a loss of $0.18 per share, compared to a loss of $2.2 million, or a loss of $0.28 per share, in the second quarter of 2018.

"We had a strong second quarter, and I’m very pleased with our results. We continue to see strong demand across all verticals and geographies," said Ruvi Kitov, Co-founder and CEO.

"We landed notable new logos, while at the same time expanding within our existing customer base. The need for network security policy automation is becoming more and more pressing as network complexity increases and digital transformation accelerates."

The company recently announced the general availability of Tufin Orchestration Suite R19-2, with extended capabilities, enhanced visibility and policy control. This will enable us to support a wider range of network devices, as customer networks become more and more complex.

In terms of guidance, total revenue is expected to be between $24 million and $26 million. Non-GAAP operating loss between $4.8 million and $6.3 million

Shares gained 43 cents, or 2.4%, to $18.45