sentinelone inc shares dove more than 30 in afterhours trading thursday after the securitysoftware company missed expectations with its financial results and executives slashed their annual guidance sentinelone s reported a loss of 1069 million or 37 cents a share on sales of 1334 million up from 783 million a year ago after adjusting for stock compensation and other effects the company reported a loss of 15 cents a share improving from an adjusted loss of 21 cents a share a year ago analysts on average expected an adjusted loss of 17 cents a share on sales of 1366 million according to factset shares plunged toward 14 after closing with a 31 decline at 2072 executives also slashed their fullyear guidance from three months ago pointing to a slowdown in business spending that has showed up regularly this year for software companies and others selling tech to large enterprises “macroeconomic pressures continue to impact deal sizes sales cycles and pipeline conversion rates while not entirely new the impact from these factors was more pronounced in q1” executives wrote in a letter to shareholders “together these evolving dynamics also impacted our expectations for q2 and fiscal year 24” for the second quarter executives guided for revenue of 141 million while analysts on average were expecting 1521 million according to factset for the year they now expect sales of 590 million to 600 million after stating 631 million to 640 million previously in addition to issues with landing new deals executives also said that businesses were using their software less which affects revenue that is based on consumption as a result they shaved about 5 off their previously stated annualized recurring revenue or arr an important metric for cloud software that allows execs and investors to model future revenue sentinelone reported arr of 5636 million after adjusting for the new methodology while analysts on average were expecting 5944 million according to factset sentinelone executives also suggested cost cuts were being made telling investors that they are “taking actions to fortify our business by improving our cost structure and ensuring our path to profitability” the company filed an 8k with the securities and exchange commission detailing costs associated with moves but problems with the sec’s edgar database on thursday afternoon kept marketwatch from obtaining those details immediately sentinelone’s stock had been a big gainer so far this year as the company played up its efforts to use artificial intelligence to bolster its cybersecurity offerings shares had increased 42 so far in 2023 as the sp 500 index spx gained 89