SentinelOne (S) stock soared 7.10% on Friday, closing at $18.86, as investors reacted positively to the company’s strong earnings performance. The company updated its revenue forecast to between $998 million and $1.002 billion for the year.

In the second quarter, SentinelOne reported a 22% increase in revenue to $242 million, with annual recurring revenues surpassing $1 billion, up 24% year-on-year. However, the company’s net loss widened by 4% to $72 million.

CEO Tomer Weingarten emphasized the company’s momentum and competitive position in the AI-powered cybersecurity industry. While S shows promise, other AI stocks may offer better returns. For more information on a cheap AI stock with potential upside, check out the free report on the best short-term AI stock.

Read more at Yahoo Finance: SentinelOne (S) Soars on 3rd Day as Earnings Hit Expectations, Outlook Raised