What happened Shares of cloud-based data intelligence company Sumo Logic (NASDAQ: SUMO) took a hit on Friday. The stock fell as much as 14.7% but was down 10.3% as of 2:25 p.m. EDT. The stock's gain follows the cloud log management specialist's fiscal second-quarter earnings release. Shares are likely down, in part, due to some concerns from the earnings report, as well as two analysts' moves to downgrade their ratings for the stock. Image source: Getty Images. So what The tech company's revenue for its second quarter of fiscal 2022 rose 19% year over year to $58.8 million. Sumo's non-GAAP (adjusted) bottom line came in at a loss of $0.11 on a per-share basis. Analysts on average were expecting revenue of $56.7 million and an adjusted loss per share of $0.14. But BTIG analyst Gray Powell, who downgraded his rating for the stock from buy to neutral, said that the company's increased outlook for full-year revenue was driven only by an improved view for sales from its largest customer. Excluding potential revenue from this customer, management's outlook was actually lowered, Powell explains. Piper Sandler analyst Rob Owens similarly lowered his rating for the stock from overweight to neutral, noting that he wants to see more execution from the company before getting more bullish. Now what Management said it expects full-year fiscal 2022 revenue to increase 17% to 18% year over year to $236.8 million to $238.8 million. Excluding its largest customer, it expects revenue to be between $221.2 million and $223.2 million. Management was previously expecting revenue when excluding its largest customer to be between $221.7 million and $224.7 million. But management is confident about the company's future. "Combined with our investments to increase our routes to market, we are well positioned to capture this expansive opportunity created by digital transformation and cloud migration," said Sumo Logic CEO Ramin Sayar. 10 stocks we like better than Sumo Logic, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Sumo Logic, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 9, 2021 Daniel Sparks has no position in any of the stocks mentioned. His clients may own shares of the companies mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source