Tufin Software Technologies Ltd. (TUFN) reports a loss of $17 million

Tufin Software Technologies Ltd. (TUFN) on Tuesday reported a loss of $17 million in its first quarter.

The Tel Aviv, Israel-based company said it had a loss of 48 cents per share. Losses, adjusted for stock option expense and pretax expenses, came to 37 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 40 cents per share.

The security policy management company posted revenue of $21.2 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $21.1 million.

Tufin shares have declined 42% since the beginning of the year. The stock has declined 53% in the last 12 months.

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Source: Associated Press