Shares in ForgeRock Inc. dropped in after-hours trading today after the digital identity management firm delivered its first quarterly earnings report since going public in September.

ForgeRock reported revenue rose 38% from a year ago, to $44.2 million, for the quarter ended Sept. 30. It posted a loss before costs such as stock compensation of $12.1 million, or 35 cents per share, up from $6 million, or 25 cents per share, in the same quarter of last year.

Analysts had been predicting revenue of $38.43 million and a loss per share of 45 cents.

Highlights in the quarter included the number of customers with $100,000 in annual recurring revenue growing 18% year-over-year. Also noted was increasing traction with the ForgeRock Identity Cloud among larger enterprises in the quarter.

“We are very pleased with the results we achieved in our first quarter as a public company, highlighted by strong ARR and revenue growth,” Fran Rosch, chief executive officer of ForgeRock, said in a statement. “Identity is critical to digital transformation as more companies recognize the need to deliver both safe and seamless experiences to engage their customers and keep employees productive to grow their businesses.”

For the fourth quarter, ForgeRock predicted total revenue of between $46.5 million to $47.5 million and an adjusted net loss of between 12 and 14 cents per share. The consensus among analysts was a loss of 17 cents per share.

For the full year 2021, ForgeRock said it expects total revenue of $175.5 million to $176.65 million and an adjusted net loss per share of 94 to 96 cents. Again, both of those figures were better than expected, with analysts predicting revenue of $167.5 million and an adjusted loss of $1.09 per share.

ForgeRock’s results were positive across the board and came in better than expected, but investors didn’t see it that way. The only possible explanation is that despite analysts’ predictions, investors were expecting higher figures. Notably, on a day tech stocks were down across the board, ForgeRock rose about 2.5% in regular trading.

The earnings report dropped after the bell and the selloff began. Shares in ForgeRock fell more than 13% after-hours.

Image: ForgeRock